Re: [AI] regarding income tax exemption
I am very happy to know that the exemption limit under section 80dd was enhanced upto one lack. and i want to get detailed text in this connection. if anybody downloaded, please let me share the same. with regards Padmanabham Muppa. - Original Message - From: "Amiyo Biswas" To: Sent: Wednesday, February 24, 2010 1:34 PM Subject: Re: [AI] regarding income tax exemption Hello, I just got a telephone call from a member at Jhansi. I copied the text I got in the Ministry's web site. I also heard that the limit for 80DD was raised to Rs. 1,00,000. I myself was confused. Anyway, I was requested to clarify that s80U is for handicapped taxpayers and s80DD is for handicapped dependents of taxpayers. I am sorry that I confused many of our friends. With Best regards, Amiyo Biswas. Cell: 91-9433464329 - Original Message - From: "Asudani, Rajesh" To: Sent: Wednesday, February 24, 2010 12:52 PM Subject: Re: [AI] regarding income tax exemption I believe S80DD lays down exemptions for disabled dependent, and if it is so, the amount was already raised to one lakh rupees for severely disabled dependent, without corresponding raise in s80U and agitation was required to achieve it. Regards "Perhaps our role on this planet is not to worship God-- but to create Him." --Arthur C. Clarke (Rajesh Asudani) Assistant General Manager, Reserve Bank of India Nagpur 09420397185 O: 0712 2806676 Res: 0712 2591349 -Original Message- From: accessindia-boun...@accessindia.org.in [mailto:accessindia-boun...@accessindia.org.in] On Behalf Of Amiyo Biswas Sent: Wednesday, February 24, 2010 12:09 PM To: accessindia@accessindia.org.in Subject: Re: [AI] regarding income tax exemption Hello, The amount is Rs. 75,000 u/s80DD. Here is the text of the act as I found it at http://finmin.nic.in/ With Best regards, Amiyo Biswas. Cell: 91-9433464329 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in sub-section (2) and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of a sum of fifty thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words 24a [seventy-five thousand rupees] had been substituted. (2) The deduction under clause (b) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; (b) the assessee nominates either the dependant, being a person with disability, or any other person or a trust to receive the payment on his behalf, for the benefit of the dependant, being a person with disability. (3) If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family referred to in sub-section (2), an amount equal to the amount paid or deposited under clause (b) of sub-section (1) shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. (4) The assessee, claiming a deduction under this section, shall furnish a copy of the certificate issued by the medical authority in the prescribed form and manner 25 , along with the return of income under section 139 , in respect of the assessment year for which the deduction is claimed: Provided that where the condition of disability requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any assessment year relating to any previous year beginning after the expiry of the previous year during which the aforesaid certificate of disability had expired, unless a new certificate is obtaine
Re: [AI] regarding income tax exemption
dear Padmanabham, Namasthee. In fact, the exemption under S 80DD was enhanced to Rs 1 lakh at the time of budget presentation itself, whereas the enhancement in S 80 U was made subsequently on pressurising by PH groups at the time of passing of the Finance Bill. Niranjan On 2/23/10, padmanabham wrote: > Hello list members, > most of us know that section 80u of income tax has been amended. > accordingly the tax relief has been enhanced from 75000 to 10. > But I want know is there any enhancement under section 80dd of income tax? > if anybody knows please let me know the details. > thanks in anticipation > Padmanabham Muppa. > > > To unsubscribe send a message to accessindia-requ...@accessindia.org.in with > the subject unsubscribe. > > To change your subscription to digest mode or make any other changes, please > visit the list home page at > http://accessindia.org.in/mailman/listinfo/accessindia_accessindia.org.in > To unsubscribe send a message to accessindia-requ...@accessindia.org.in with the subject unsubscribe. To change your subscription to digest mode or make any other changes, please visit the list home page at http://accessindia.org.in/mailman/listinfo/accessindia_accessindia.org.in
Re: [AI] regarding income tax exemption
Hello, I just got a telephone call from a member at Jhansi. I copied the text I got in the Ministry's web site. I also heard that the limit for 80DD was raised to Rs. 1,00,000. I myself was confused. Anyway, I was requested to clarify that s80U is for handicapped taxpayers and s80DD is for handicapped dependents of taxpayers. I am sorry that I confused many of our friends. With Best regards, Amiyo Biswas. Cell: 91-9433464329 - Original Message - From: "Asudani, Rajesh" To: Sent: Wednesday, February 24, 2010 12:52 PM Subject: Re: [AI] regarding income tax exemption I believe S80DD lays down exemptions for disabled dependent, and if it is so, the amount was already raised to one lakh rupees for severely disabled dependent, without corresponding raise in s80U and agitation was required to achieve it. Regards "Perhaps our role on this planet is not to worship God-- but to create Him." --Arthur C. Clarke (Rajesh Asudani) Assistant General Manager, Reserve Bank of India Nagpur 09420397185 O: 0712 2806676 Res: 0712 2591349 -Original Message- From: accessindia-boun...@accessindia.org.in [mailto:accessindia-boun...@accessindia.org.in] On Behalf Of Amiyo Biswas Sent: Wednesday, February 24, 2010 12:09 PM To: accessindia@accessindia.org.in Subject: Re: [AI] regarding income tax exemption Hello, The amount is Rs. 75,000 u/s80DD. Here is the text of the act as I found it at http://finmin.nic.in/ With Best regards, Amiyo Biswas. Cell: 91-9433464329 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in sub-section (2) and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of a sum of fifty thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words 24a [seventy-five thousand rupees] had been substituted. (2) The deduction under clause (b) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; (b) the assessee nominates either the dependant, being a person with disability, or any other person or a trust to receive the payment on his behalf, for the benefit of the dependant, being a person with disability. (3) If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family referred to in sub-section (2), an amount equal to the amount paid or deposited under clause (b) of sub-section (1) shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. (4) The assessee, claiming a deduction under this section, shall furnish a copy of the certificate issued by the medical authority in the prescribed form and manner 25 , along with the return of income under section 139 , in respect of the assessment year for which the deduction is claimed: Provided that where the condition of disability requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any assessment year relating to any previous year beginning after the expiry of the previous year during which the aforesaid certificate of disability had expired, unless a new certificate is obtained from the medical authority in the form and manner, as may be prescribed, and a copy thereof is furnished along with the return of income. Explanation.For the purposes of this section, (a) Administrator means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) 26 ; (b) dependant means (i) in the case of an individ
Re: [AI] regarding income tax exemption
I believe S80DD lays down exemptions for disabled dependent, and if it is so, the amount was already raised to one lakh rupees for severely disabled dependent, without corresponding raise in s80U and agitation was required to achieve it. Regards "Perhaps our role on this planet is not to worship God-- but to create Him." --Arthur C. Clarke (Rajesh Asudani) Assistant General Manager, Reserve Bank of India Nagpur 09420397185 O: 0712 2806676 Res: 0712 2591349 -Original Message- From: accessindia-boun...@accessindia.org.in [mailto:accessindia-boun...@accessindia.org.in] On Behalf Of Amiyo Biswas Sent: Wednesday, February 24, 2010 12:09 PM To: accessindia@accessindia.org.in Subject: Re: [AI] regarding income tax exemption Hello, The amount is Rs. 75,000 u/s80DD. Here is the text of the act as I found it at http://finmin.nic.in/ With Best regards, Amiyo Biswas. Cell: 91-9433464329 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in sub-section (2) and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of a sum of fifty thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words 24a [seventy-five thousand rupees] had been substituted. (2) The deduction under clause (b) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; (b) the assessee nominates either the dependant, being a person with disability, or any other person or a trust to receive the payment on his behalf, for the benefit of the dependant, being a person with disability. (3) If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family referred to in sub-section (2), an amount equal to the amount paid or deposited under clause (b) of sub-section (1) shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. (4) The assessee, claiming a deduction under this section, shall furnish a copy of the certificate issued by the medical authority in the prescribed form and manner 25 , along with the return of income under section 139 , in respect of the assessment year for which the deduction is claimed: Provided that where the condition of disability requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any assessment year relating to any previous year beginning after the expiry of the previous year during which the aforesaid certificate of disability had expired, unless a new certificate is obtained from the medical authority in the form and manner, as may be prescribed, and a copy thereof is furnished along with the return of income. Explanation.For the purposes of this section, (a) Administrator means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) 26 ; (b) dependant means (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a Hindu undivided family, a member of the Hindu undivided family, dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year; (c) disability shall have the meaning assigned to it in clause (i) of section 2 27 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) 28 [and inclu
Re: [AI] regarding income tax exemption
Hi biswasji, thank you for providing appropriate information. with regards Padmanabham Muppa. - Original Message - From: "Amiyo Biswas" To: Sent: Wednesday, February 24, 2010 12:09 PM Subject: Re: [AI] regarding income tax exemption Hello, The amount is Rs. 75,000 u/s80DD. Here is the text of the act as I found it at http://finmin.nic.in/ With Best regards, Amiyo Biswas. Cell: 91-9433464329 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in sub-section (2) and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of a sum of fifty thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words 24a [seventy-five thousand rupees] had been substituted. (2) The deduction under clause (b) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; (b) the assessee nominates either the dependant, being a person with disability, or any other person or a trust to receive the payment on his behalf, for the benefit of the dependant, being a person with disability. (3) If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family referred to in sub-section (2), an amount equal to the amount paid or deposited under clause (b) of sub-section (1) shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. (4) The assessee, claiming a deduction under this section, shall furnish a copy of the certificate issued by the medical authority in the prescribed form and manner 25 , along with the return of income under section 139 , in respect of the assessment year for which the deduction is claimed: Provided that where the condition of disability requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any assessment year relating to any previous year beginning after the expiry of the previous year during which the aforesaid certificate of disability had expired, unless a new certificate is obtained from the medical authority in the form and manner, as may be prescribed, and a copy thereof is furnished along with the return of income. Explanation.For the purposes of this section, (a) Administrator means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) 26 ; (b) dependant means (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a Hindu undivided family, a member of the Hindu undivided family, dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year; (c) disability shall have the meaning assigned to it in clause (i) of section 2 27 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) 28 [and includes autism, cerebral palsy and multiple disability referred to in clauses (a), (c) and (h) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999)]; (d) Life Insurance Corporation shall have the same meaning as in clause (iii) of sub-section (8) of section 88 ; (e) medical authority means the medical authority as referred to in clause (p) of section 2
Re: [AI] regarding income tax exemption
Hello, The amount is Rs. 75,000 u/s80DD. Here is the text of the act as I found it at http://finmin.nic.in/ With Best regards, Amiyo Biswas. Cell: 91-9433464329 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in sub-section (2) and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of a sum of fifty thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words 24a [seventy-five thousand rupees] had been substituted. (2) The deduction under clause (b) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; (b) the assessee nominates either the dependant, being a person with disability, or any other person or a trust to receive the payment on his behalf, for the benefit of the dependant, being a person with disability. (3) If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family referred to in sub-section (2), an amount equal to the amount paid or deposited under clause (b) of sub-section (1) shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. (4) The assessee, claiming a deduction under this section, shall furnish a copy of the certificate issued by the medical authority in the prescribed form and manner 25 , along with the return of income under section 139 , in respect of the assessment year for which the deduction is claimed: Provided that where the condition of disability requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any assessment year relating to any previous year beginning after the expiry of the previous year during which the aforesaid certificate of disability had expired, unless a new certificate is obtained from the medical authority in the form and manner, as may be prescribed, and a copy thereof is furnished along with the return of income. Explanation.For the purposes of this section, (a) Administrator means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) 26 ; (b) dependant means (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a Hindu undivided family, a member of the Hindu undivided family, dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year; (c) disability shall have the meaning assigned to it in clause (i) of section 2 27 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) 28 [and includes autism, cerebral palsy and multiple disability referred to in clauses (a), (c) and (h) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999)]; (d) Life Insurance Corporation shall have the same meaning as in clause (iii) of sub-section (8) of section 88 ; (e) medical authority means the medical authority as referred to in clause (p) of section 2 29 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) 30 [or such other medical authority as may, by notification, be specified by the Central Government for certifying autism, cerebral palsy, multiple disab
