Tax concessions

1. Tax Concessions and Incentives Presented by:- Deepak Goyal Gaurav Kumar Neha Singh Nidhi Pragati sharma

2. Introduction Tax concessions are some relief given by income tax department of India

3. Tax Concessions In case of disability(under section 80U) A fixed deduction of Rs 50,000 for a person with 40% or more than 40% disability A higher deduction of Rs 1,00,000 for a person with 80% or above this.

4. Development of Special Economic Zone It is in respect of profit and gains by an undertaking or enterprise (under section 80-IAB) Taxpayer can claim 100% deduction for 10 consecutive assessment year out of 15 years of beginning from year in which these zones has been notified by central govt.

5. Concessions for medical treatment Taxpayer should be A resident of India Wholly for taxpayer or dependents of family Need to submit a certificate in the prescribed form (form 10-I) from a specialist such as neurologist, oncologist etc. Amount Rs 40,000 or actual expenditure whichever is lower In case of family member who is a senior citizen, Rs 60,000 or actual expenditure whichever is lower

6. Concessions for Rent paid Conditions Taxpayer is an individual A self employed or does not get any HRA from employer Should not own any residential accommodation at the place where he/she resides, performs office duties or employment or carries business or profession If taxpayer owns a residential accommodation other than mentioned, then in respect of that house the concession in respect of self employed property is not claimed by him He/she should have filed declaration in form 10BA regarding expenditure Amount whichever is least among the following Rs 2000 pm; 25% of total income ;or Excess of rent paid over 10% of total income

7. Employment of new workmen Section 80JJAA- Conditions required The taxpayer is an Indian company Income includes any profit and gains derived from any industrial undertaking The industrial undertaking is not formed by splitting up or reconstruction of an existing undertaking or amalgamation with other Amount- 30% of additional wages paid to new regular workmen employed in the previous year. Available for 3 assessment years including the assessment year relevant to previous year.

8. Offshore banking units & International financial services A scheduled bank and having an offshore banking unit in special economic zone A foreign bank having an offshore banking unit in special economic zone; or A unit of International Financial Service centre A 100% of income is deductable for 5 consecutive assessment years beginning with the assessment year relevant to previous year

9. THANK YOU