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If you happen to be a corporation whose property was expropriated by a foreign government and later returned, here is what IRC Section 80(c) says:
(c) Character of income For purposes of this subtitle-
(1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as ordinary income.
(2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount included in gross income under this section shall be treated as long-term capital gain.
What else can I help you with?
What is the purpose of the (NSC)?
National Savings Certificates, popularly known as NSC, is an Indian Government Savings Bond, primarily used for small savings andincome tax saving investments in India. It is part of the postal savings system of Indian Postal Service(India Post).These can be purchased from any Post Office in India by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of Income Tax Act, 1961.
How much deduction allowable under sec 80c?
1 lakh
How do you save tax in India?
Savings In light of Indian Income Tax Deductions in Financial Year 2009-2010Savings Under Section 80C of Indian Income Tax Deductions in Financial Year 2009-2010 is maximum upto Rs 1,00,000 which can be done through1. PPF -Any contributions to Provident Fund, Voluntary provident Fund (VPF) or savings made in Public Provident Fund (PPF Account).2. Life Insurance Premiums: Any Life Insurance premiums (for one or more insurance policies) paid by you for yourself, your spouse or your children.3. ELSS Equity Linked Saving Schemes: Any investment made in certain Mutual Funds called equity linked saving schemes qualifies for Section 80C deduction.4. Bank Fixed deposits or Term deposits of >5 years5. Principal part of EMI on Housing Loan6. Tution Fees: Amount paid as tution fee for the education of two children of the assessee7. Other 80C deductions: Amount saved in National Saving Certificate (NSC), Infrastructure Bonds or Infra Bonds, amount paid as stamp duty and registration charges while buying a new home are also eligible for income tax deductions under Section 80C of Indian Income Tax Act.Savings Under Section 80D of Indian Income Tax Deductions in Financial Year 2009-2010 ican be done by claiming medical and health insurance maximum upto Rs 30,000 (self including family + parents) under the following terms1. Total amount of premium paid for health insurance of family (meaning spouse + children), or Rs. 15,000 , whichever less.Total amount of premium paid for health insurance of assessee parents or Rs. 15,000, whichever less.Savings Under Section 80DD of Indian Income Tax Deductions in Financial Year 2009-2010 can be done by claiming medical expenditure for a dependents who are disabled. Here dependent means spouse, children, brothers, sisters or any one of them. The maximum tax deduction provided by Section 80DD is Rs. 50000 in case of ordinary disability and Rs. 75000 if the disability is severe. The definition of severe disability is as defined in the official page of Indian Income Tax Act.Savings Under Section24 of Indian Income Tax Deductions in Financial Year 2009-2010 is on the interest payable on this home loan taken for new house or for renovation. Maximum deductible amount, under Section 24 is Rs. 1,50,000Savings Under Section 24 of Indian Income Tax Deductions in Financial Year 2009-2010 can be claimed on HRA which must be the minimum amount value of the following three conditionsRent Paid minus 10% of assessee salary.25% of assessee gross total income.Rs. 2000/- per month.Savings Under Section 80E of Indian Income Tax Deductions in Financial Year 2009-2010 can be claimed for any amount of interest paid on educational loan taken for assessee own higher education or higher education of spouse or children is deductible from assessee taxable income.Savings Under Section 80E of Indian Income Tax Deductions in Financial Year 2009-2010 can be claimed towards donation maximum upto 50% of donated amount in Prime Minister's Relief Fund, National Children Foundation, any University or educational institution of 'national eminence', etc.Savings Under Section 80U of Indian Income Tax Deductions in Financial Year 2009-2010 is for person with a disability. An individual who is suffering from a permanent disability or mental retardation as specified in the persons with disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 or the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999, shall be allowed a deduction of Rs 50,000. In case of severe disability it is Rs. 75,000.
How do you calculate tax in India?
In India the taxable income is Net salary - (standard deduction Deductions + (House rent + medical etc) + Savings under sec 80C) Taxable Income Slab Tax % Up to Rs. 1,50,000/- for Individuals Up to Rs. 1,80,000/- for Women & NIL Up to Rs. 2,25,000/- for Senior citizens (Age above 65 years) Remaining salary up to Rs. 3,00,000/- 10% Remaining Salary up to Rs. 5,00,000/- 20% Remaining Salary above Rs. 5,00,000- 30%
Can one get tax deduction under 80C for term deposits with Non Banking Finance Companies?
No. Only certain special Fixed Deposit schemes of 5 year tenure issued by commercial banks in India are eligible for 80C deduction.
Why does water at 80 degrees burn?
It depends on whether you are saying 80F or 80C. Water at 80F will not burn but at 80C it will. 80C = 176F and that will give you a second degree burn in a couple of minutes.
What is section 80c of income tax?
The section 80C of the IT laws provide exemption from income tax on amounts that are invested by the individual. This usually includes the amount the individual invests in certified instruments that are exempt from tax. They are: a. PF - Provident Fund (A portion of your salary is deducted by your employer as PF and would be remitted to the PF house that is maintained by the government of India. A maximum of 12% of your basic Salary is eligible for exemption from income tax) b. PPF - Public Provident Fund - A maximum of Rs. 70,000/- per financial year. c. ELSS - Equity Linked Savings Scheme (Mutual funds) d. NSC - National Savings Certificate e. KVP - Kisan Vikas Patra f. Life Insurance (Insurance provided by LIC & Other registered Insurance companies) g. Tax Saving ULIP's - Unit Linked Insurance Plans h. Principal amount repaid as part of the Home loan i. 5 year bank fixed deposits j.stamp duty and registration charges of home bought at current year can be covered in tax saving bracket k.spenditures on children can also be deducted from income to save tax...A point to be noted here is that the sum total of all these components can be a maximum of Rs. 1,50,000/- per financial year.
Is 80C to high a temperature for a video card?
Yes. It is pretty high, not unheard of, but still high.
What are the benefits of EPF registration for employees?
The Employee Provident Fund (EPF) provides several benefits to employees: Retirement Savings: EPF helps employees accumulate a substantial retirement corpus through monthly contributions from both the employer and employee. Tax Benefits: EPF contributions are tax-deductible under Section 80C of the Income Tax Act. The interest earned and the final withdrawal amount (if certain conditions are met) are tax-free. Lifelong Savings: EPF provides a steady income post-retirement as employees can withdraw the entire amount, which includes contributions, interest, and any employer contributions. Partial Withdrawals: Employees can withdraw a portion of the EPF for specific purposes like buying a house, medical emergencies, or children’s education before retirement. Insurance Cover: The EPF scheme also includes Employee Deposit Linked Insurance (EDLI), which provides life insurance coverage to employees.
Is there any rebate home loan for single mothers?
According to the Experts of BankBazaar, there is no rebate on home loan interest paid by single mothers (or anyone else for that matter) in India. However, there are certain tax benefits that are available to all individuals who took housing loans. You can deduct the principal and interest components of your loan paid each year, up to certain limits set by the government. You can claim deductions under Sections 80C and 24, Income Tax Act, 1961. Under Section 80C, you can claim up to Rs.1.5 lakh per year towards the principal amounts paid. You can also claim the registration fees and stamp duties you pay. But the total deductible amount under this section is Rs.1.5 lakh. Under Section 24, you can claim up to Rs.2 lakh on the interest amounts paid on your home loan. This applies only if you live in the property. If you’re renting out your house, there is no limit to how much you can claim under Section 24. If you take a joint loan with another person, you can both claim tax deductions (in the ratio of property ownership) up to a maximum of Rs.1.5 lakh and Rs.2 lakh under Sections 80C and 24, respectively. But keep in mind that both co-borrowers must also be co-owners of the property to claim these tax benefits. If the property is being rented out, each co-owner can claim the above-mentioned amounts as tax deductions. So, if you are a single mother in India repaying a home loan, you can claim both these income tax benefits on not just your interest payments but on the principal amounts as well.
Which is cooler 80 degrees Celsius or 50 degrees fahrenheit?
50 degrees Fahrenheit is much cooler than 80C. 80C equals 175F
What is tax saving IFCI Infrastructure Bond?
IFCI Infrastructure Bond Series II are tax free bonds. Investment in IFCI infra bond is tax exempt upto a maximum limit of Rs 20,000 under section 80CCF of Income Tax Act. This exemption is over and above Rs One Lakh exemption under section 80C of Income Tax Act.This bond is just like a bank FD. The interest rate is 8.25%. If you add the benefit of tax exemption the effective interest rate becomes 14.25% (If you are in 30% tax slab). This is also a good investment to diversify your portfolio.The issue is closing on 31st December. Investors with DMAT account can buy online. Investors who do not have DMAT account can invest by first downloading the application form from ifciltd.com
