Section 80qqb of income tax act 1961

Apr 26, 2011 section 80qqb of the income tax act, 1961 provides deduction in respect of royalty income of authors. A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. Income tax deduction in respect of royalty income of authors. Deductions on income can also be claimed through this act. This section includes deductions for royalty income of authors. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed. Under sec 80qqb, deduction is provided in respect to resident individual being an author in respect of any lump sum consideration for the assignment or grant of any his interests in the of anybook being a work of literary, artistic or. Conditions to be satisfied for availing this benefit.

Stays order passed under black money act, absent counsel representation amidst covid19 pandemic. Income tax under section 80dd, section 80dd of income tax act. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Section 80jja 80jjaa of income tax act deduction in respect. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. The deduction under this section shall be equal to the whole of such income referred to in subsection 1, or. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government. The deduction is available from the assessment year beginning from 1 st april 2020. One must produce the following documents which are required to avail the tax deduction. Section 80u income tax deduction under section 80c. Section 80qqb of the income tax act, 1961 provides deduction in respect of royalty income of authors. The publishers publish their books and a certain amount of sales or. The assessee can reduce its tax liability under these provisions.

Incometax act, 1961 2018 section 80qqb deduction in respect of royalty income, etc. The excellent download file is in the format of pdf. Section 80jja 80jjaa of income tax act deduction in. Deductions under chapter vi a of income tax act 1961 youtube. Oct 26, 2003 the finance act, 2003, has inserted section 80qqb in the income tax act, 1961 the act with effect from april 1, 2004, ie assessment year 20042005 relevant to the accounting year ending on. Section 115ub tax on income of investment fund and its unit. Section 80qqb of the income tax act, 1961 the act provides deduction to a resident author including joint authors for the receipt of royalty or for books of literacy, artistic and scientific in nature. There are many provisions under the income tax act which talks about the deduction of tax when an individual is earning the income from royalty. List of conditions following is the list of conditions which the assessee is mandatorily required to be fulfilled in order to claim deduction under section 80eea of the income tax act.

Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Complete list of sections of income tax act, 19612019 aubsp. Deductions under section 80 ia and 80 ib of the income tax. Jan 22, 2011 section 80qqb of the income tax act, 1961 the act provides deduction to a resident author including joint authors for the receipt of royalty or for books of literacy, artistic and scientific in nature. The finance act, 2003, has inserted section 80qqb in the income tax act, 1961 the act with effect from april 1, 2004, ie assessment year 2004. Section 36, incometax act, 1961 2015 other deductions. Tax exemption on income earned from literacy work or.

Section 80qqb deduction in respect of royalty income, etc. Income tax act 1961 complete act citation 530 bare. Section 115ub tax on income of investment fund and its unit holders income tax act, 1961 x x x x extracts x x x x notification no. Jul 19, 2016 section 80qqb, incometax act, 1961 inserted by the finance act, 2003, w. Section 115ub tax on income of investment fund and its. Tax on income from bonds or global depository receipts purchased in foreign currency or. Section 80c of incometax act, 1961 taxindiaupdates in. After section 80qqa of the incometax act, the following section shall be inserted with effect from the 1st day of april, 2004, namely. Latest income tax act sections list has been provided for finance people. Deductions under section 80qqb of income tax act the professional income earned by authors is by publishing their books.

Section 80c of incometax act, 1961amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. This deduction is covered under 80qqb of the income tax act,1961. Rebate of incometax in case of individuals of sixtyfive years or above omitted. The maximum allowable deduction under section 80eea is inr 1. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accommodation by any other means of provisions of this act. Expenses relating to medical treatment, nursing, rehabilitation and training of a disabled dependent as well as premium paid on the insurance plans or schemes are covered under section 80dd. Any person who has been an indian resident for the year of assessment and has suffered from at least 40 percent disability as spelt out by the law, qualifies for tax deductions. Income tax deduction in respect of royalty income of. This article will help you to know all legitimate facts related to the section 80d of income tax act, 1961, which will further help you to avail tax deductions for the health insurance premium. Earning money is the primary goal of everyone in todays world, with multiple avenues available. If you pay the health insurance premium for your spouse, children, and parents, then are eligible to avail the tax deduction under section 80d of income. Jun 29, 2018 deductions under section 80qqb of income tax act the professional income earned by authors is by publishing their books. Here the author also includes the joint author which means that a joint author can also take a tax deduction under section 80qqb.

The book authored by him is work of literacy, artistic or scientific nature. While the income tax department charges tax on this income under profit and gains of business or profession or other sources head of income,it also provides a deduction on the same that can be claimed by the authors to save tax. Form of certificate to be furnished along with the return of income under subsection 4 of section 80qqb, sections 80r, 80rr and 80rra, and. Section 80qqb deduction in respect of royalty income, etc, of authors of certain books other than textbooks. Given income tax act sections list includes revised, omitted and newly added tax rules.

Section 80qqb, incometax act, 1961 inserted by the finance act, 2003, w. Under section 80d of income tax act, an individual can the claim deduction for the following medical expenses during the financial year medical insurance premium paid by you through any mode of payment other than cash. Income tax deductions allowed us 80c to 80qqb every. Sep 25, 2019 the maximum allowable deduction under section 80eea is inr 1. May 30, 2019 download the list of sections of income tax act, 1961 in pdf and excel format. Mar, 2020 deduction in respect of royalty income, etc.

Form of certificate to be filed with the return of income. List of sections of income tax act 1961 finance updates. Tax on income referred to in section 68 or section 69 or section 69a or section 69b or section 69c or section 69d. Tax deductions under section 80rrb check eligibility. Section 80c income tax deduction under section 80c. Income tax act 1961 complete act citation 530 bare act. Important terms and definitions under the income tax act, 1961 assessment year and previous year as per section 29 of the income tax act, 1961, states that assessment year means the 12 month period beginning on the 1st day of april every year. Section 80qqb royalty income deductions under 80qqb. Section 80qqb one stop solution for gst, income tax, fema. Insertion of new section 80qqb income tax department. The deduction under this section shall be equal to the whole of such income referred to in sub section 1, or an. This section allows them to claim tax deductions up to rs. Income tax deductions under section 80d of income tax act, 1961.

Section 80gg is a little ignored section of the income tax act, 1961. For claiming the tax benefit under section 80qqb of income tax act 1961, an assessee should be an author. In case the income is earned outside india, the deduction under section 80qqb shall be available only on so much of income earned which is brought back in india, in convertible foreign exchange, within a period of 6 months or within such extended time from the end of the previous year in which the income is earned. An author has a right to claim a tax deduction under section 80qqb of income tax act. Chapter via of the income tax act, 1961 deals with deductions allowed to assessees under section 80 of the act. Deductions under section 80qqb of income tax act youtube. Section 115ub tax on income of investment fund and its unit holders incometax act, 1961 x x x x extracts x x x x notification no. The maximum amount available for deduction under this section is rs. Chapter vi a of the income tax act 1961 specifies in detail the permissible deductions from the gross total income under section 80c to 80u of the income tax act. In this video you should learn about all available deductions under chapter via of income tax act 1961. The content of the authors book should be artistic, literary or scientific in nature.

Section 80jja and 80jjaa of income tax act 1961 deduction in respect of profits and gains from business of collecting and processing of biodegradable waste deduction in respect of employment of new workmen are defined under section 80jja and 80 jjaa of income tax act 1961. Expenses borne by you under any central government health schemes. Section 80ib, incometax act, 1961 2015 deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings. The income from the royalty is taxed under profit and gains of business or profession or other sources. But the deduction provided to the authors for saving their tax is stated under section 80qqb. Tax exemption on income earned from literacy work or artistic.

Section 80qqb of income tax act 1961, states provisions related to royalty income. Section 80rrb of the income tax act is for those individuals whose source of income is royalty on their works of art, inventions, patents, etc. Section 80qqb one stop solution for gst, income tax. Section 80qqb of income tax act 1961 deduction in respect of royalty income, etc. This video includes the deductions under section 80c. Taxation on income from royalty under income tax act, 1961. Section 80 qqb of income tax act deduction in respect of. The income should be earned in relation to his profession, on account of any consideration whether received in lump sum or. As per the section 80ggb of the income tax act 1961, any indian company or enterprise that donates to a political party or an electoral trust registered in india can claim for a tax exemption or deduction from the amount contributed by it. In order to provide some relief to its citizens, the government of india has provided deductions under section 80dd of the income tax act, 1961.

The assessee is required to file the income tax return of the previous year in the assessment year. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Authors who write books and present the same to publishers can avail deductions under section 80qqb of the income tax act 1961. The patentee can take the benefit of tax deduction under section 80rrb of income tax act, 1961.

Nov 27, 2019 while the income tax department charges tax on this income under profit and gains of business or profession or other sources head of income,it also provides a deduction on the same that can be claimed by the authors to save tax. Mar 31, 2020 section 80ggc has been specified under the income tax act of 1961 for the benefit of those who make donations to political parties. In case the income is earned outside india, the deduction under section 80qqb shall be available only on so much of income earned which is brought back in india, in convertible foreign exchange, within a period of 6 months or within such extended time from the end of the previous year in which the income is. Most ignored section 80gg deductions in respect of rents. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income of the assessee. Income tax deductions under section 80d of income tax act. There are certain conditions and criteria which have to be followed by the individual for the said benefits. Section 80qqb of the income tax act 1961 allows tax deduction to an individual residents in respect of royalty or income received in for authoring any book other than text book.