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How do you claim income tax benefit under 80ggc as only 80g is given in itr1 and itr2?
HarkantGJoshi
Any contribution made by an individual to a political party (registered under section 29A of the Representation of the People Act, 1951) is fully deductible under Section 80GGC of the Income Tax Act.
There is actually no upper limit here and any amount you contribute can be fully claimed for tax exemption. However, the party must be a registered political party of India otherwise this section cannot be utilized. Also, donations made can be used for exemption only once and during the same financial year only. Donations made last year cannot be used this year even if you missed claiming them last time around.
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Can you claim sales tax on your taxes?
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
Do you claim gift money as income?
No, you do not claim gift money as income because gift money is not considered "taxable income" within the meaning of the US Internal Revenue Code. In fact money given as a gift may be subject to federal gift tax that the person making the gift has to pay under certain very specific circumstances, which no one wants to read about here. Feel free to check the IRS Code for the details.
Do you have to claim money given to you on federal taxes?
No.
Why is the tax expense reported on the income statement comprised of current and deferred tax?
This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items
Are cobra payments tax deductible?
Well...not exactly. (And as an aside, the medical benefit given to you when you were an employee wasn't taxable).Medical costs, including health insurance (which is what COBRA is) are only deductible to the amount they exceed a fairly large (I believe its 7.5% ) of adjusted gross income. NOTE: Some States have a much lower threshold for their income tax.
If you filed Chapter 7 last year but were given a 10K exemption do you have to claim this on your income tax this year?
No
If an ex-spouse makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
The person named beneficiary is the sole recipient, the ex-spouse would not have a supportable claim to any portion of the death benefit.
Can you claim sales tax on your taxes?
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
If you claim yourself on your taxes will you receive a pell grant for college if you are under age 23?
You might be able to receive a Pell grant if you're under age 23 and claim yourself on your taxes. Your income is the main factor in whether you're given a Pell Grant.
Do you claim gift money as income?
No, you do not claim gift money as income because gift money is not considered "taxable income" within the meaning of the US Internal Revenue Code. In fact money given as a gift may be subject to federal gift tax that the person making the gift has to pay under certain very specific circumstances, which no one wants to read about here. Feel free to check the IRS Code for the details.
Do you have to claim money given to you on federal taxes?
No.
Why is the tax expense reported on the income statement comprised of current and deferred tax?
This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items
Can you claim head of household if you claim your daughter who does not live with you but in the divorce decree you were given her as your dependent?
yes
What is the name given when two species benefit?
Mutualism
What is the meaning of entitlement?
It means to be given the right or the claim to.
If poor reasons have been given for a claim's acceptance should the claim always be rejected?
Every claim is considered on its own merits, so there are cases where the claim might be approved.
What is the name given to the social welfare benefit given to unemployed people by the government?
yellotron yellotron
