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Possibility of giving deduction under section-80G and 80GG in income tax act at the same time?
Wiki User
∙ 11y ago
Yes, you can use both 80G and 80GG at the same time because they are not related to one another.
Section 80G - Donations to Charitable Institutions
Section 80GG - Relief for House Rent:
Wiki User
∙ 11y ago
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What is a voluntary income deduction?
Voluntar income deduction is money taken from your gross pay that you have control over.
What is the difference between exemption and deduction?
Exemption doesn't form part of total income while deduction form part of a total income.
Are state income taxes an allowable deduction?
no
Is earned income tax credit an itemized deduction?
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
Are federal corporate income taxes deductible for state income taxes?
In general, states do not allow a deduction for federal income taxes as most states "piggyback" off of federal taxable income as the beginning of the state income tax calculation. However, the states of Alabama , Iowa , Louisiana , and Missouri have variations of state taxable income that allows for some potential deduction for federal income taxes. Each of these four states has its own unique methodology for the deduction and each place certain restrictions on the ability to take the deduction.
What is a deduction on an income tax form?
a dollar amount that reduces the amount of taxable income...
With a gross income of 30,000 and a 25% tax deduction, what is your monthly net income?
$22,500
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
What will be the medicare deduction in 2013?
The Medicare deduction in 2013 was 1.45% of an individual's wages or self-employment income. For high-income earners, an additional 0.9% was added for income over certain thresholds.
What is FIT deduction?
It stands for Federal Income Tax. SIT stands for State Income Tax
If you are paying child support via an income deduction order in Georgia how do you stop the order after the your child support responsibility ends?
You have to file a consent order to terminate the income deduction order.
What is the purpose of income tax deduction?
A deduction on your income tax return would reduce your taxable income on your 1040 income tax return and reduce your federal income tax liability. An income tax deduction amount from your gross pay would be a prepayment of any future federal income liability you may have after your income tax return is completely at the end of the tax year and if enough is deducted from your gross pay you could end up receiving a refund of some of the withheld income tax amount.
