Northern Kentucky University Teacher Education Leadership Ambassadors
Located in Highland Heights, KY, Northern Kentucky University is a standard 4-year accredited public university with over 14,600 students. With a 19:1 student-to-faculty ratio, it offers a safe campus environment and numerous scholarships. The College of Education and Human Services provides learning opportunities across various sites, focusing on innovative teaching methods and offering undergraduate degrees in Early Childhood, Elementary, Middle Grades, Secondary, and Special Education. The department collaborates with schools in the Cincinnati/Northern Kentucky/Indiana region and emphasizes practical experience through fieldwork. Partnerships with local schools enhance students' training and preparation for diverse educational settings. The program also includes Early Childhood Certification, enabling graduates to teach children from birth to age 5 in different educational settings.
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DEDUCTIONS DEDUCTIONS TO BE MADE FROM GROSS TO BE MADE FROM GROSS TOTAL INCOME UNDER SECTIONS 80C TOTAL INCOME UNDER SECTIONS 80C TO TO 80CCCE 80CCCE B.COM 6NDSEM INCOME TAX By Prof. Ajay Pal Singh Assistant Professor Department of Commerce I.B.(PG) COLLEGE, PANIPAT I.B.(PG) COLLEGE, PANIPAT AFFILIATED TO KURUKSHETRA UNIVERSITY, AFFILIATED TO KURUKSHETRA UNIVERSITY, KURUKSHETRA KURUKSHETRA
GROSS TOTAL INCOME(GTI) SEC.80B(5)
MEANING The aggregate of the income of the five heads is known as gross total income: Five Heads Income from salaries; Income from house property; Profit and gains of business or profession; Capital gains; and Income from other sources. Note:The income under each head is computed after making deduction permissible under that head.
TOTAL INCOME - SEC. 2(45) Total Income=GTI-Deductions under sections 80c to 80u Deductions which are to be made from GTI while computing Total Income :
GENERAL PRINCIPLES GENERAL PRINCIPLES FORDEDUCTIONS FROM INCOMES DEDUCTIONS FROM INCOMES (Sec.80A) (Sec.80A) FOR The aggregate amount of deductions under sections 80c to 80u shall not exceed the gross total income. Note: Note: Deduction are not allowed against STCG( u/s 111A)and LTCG. If the assesses does not claim in his return of income for any Deduction under sections 10A or 80IA to 80RRB, no Deductions shall be allowed to him.
DEDUCTIONS CAN BE DIVIDED DEDUCTIONS CAN BE DIVIDED IN TWO CATEGORIES IN TWO CATEGORIES Deductions in respect of certain payments from under sections 80C to 80GGC . Deductions in respect of certain incomes from under sections 80AB to 80U.
DEDUCTIONS IN RESPECT OF DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS CERTAIN PAYMENTS 1. Sec.80C :- Deduction in respect of life Insurance Premium, Contribution to Provident Fund ,etc. Entitled to Deduction -an individual, - a Hindu undivided family. Quantum of Deduction: Up to Rs.1,50,000.
ELIGIBLE PAYMENTS ELIGIBLE PAYMENTS UNDER UNDER SEC.80C SEC.80C 1. Life insurance premium on the life of self, spouse or his or her children. Qualified amount of the premium :- If policy issued before 1.4.2012 shall not exceed 20% of the actual capital sum assured. If policy issued on or after 1.4.2012 shall not exceed 10% of the actual capital sum assured.
Cont. If policy issued on or after 1.4.2013 on life of a person with disability or suffering from disease or ailment specified u/s 80DDB, shall not exceed 15% of the actual capital sum assured. 2. Deduction from salary ( up to 20%of salary) on behalf of the Government for the purpose of securing a deferred annuity.
Cont. 3.Contribution to any provident fund to which , the Provident Funds Act ,1925 applies; 4.Contribution in PPF account of self, spouse or his or her child ( Maximum up to Rs.1,50,000) 5.Contribution by an employee in recognized provident fund or an approved superannuation fund.
Cont. 6. As the subscription to NSC VIII Issue and IX Issue; 7. Contribution in the Unit- Linked Insurance Plan ,1971 of Unit Trust of India. 8. Sum paid as subscription to any unit of Mutual Fund (notify by the Central Government); 9. Tuition fees for Maximum two children; 10. Payment of loan which has been taken for self occupied house property (principal amount)
Cont. 11. Sum paid as the subscription to equity shares or debentures of a public company or public financial forming part of any eligible issue of capital approved by the Board. 12.Interest due on the NSC (VIII Issue) and (IX Issue). 13.The term deposit for a fixed period of not less than five years with schedule bank and scheme should be notified by the Central Government.
Cont. 14. As the subscription to bonds issued by National Bank for Agriculture and Rural Development. 15. Deposit in five years Post Office Time Deposit Account. 16. Deposit in Senior Citizen Savings scheme ,2004; 17. Deposit in Sukanya Samridhi Account.
2.(Sec 80CCC) :- Deduction in respect of contribution to certain pension funds. It provides for a Deduction to an individual for any amount paid or deposited by him in an annuity plan of the LIC of India or any other insurer for receiving a pension from the fund. The Deduction under this section is (amount paid or Rs. 1,50,000 which ever is less).
Cont. CONDITIONS ; The amount should have been paid out of taxable income. If the assesse or nominee surrenders the annuity before the maturity date of such annuity, surrender value will be taxable in the hand of the assesse or nominee. Deduction shall be allowed under only one section in Sec 80C or Sec 80CCC.
Cont. 3. (Sec. 80CCD) :- Deduction in respect of contribution to pension scheme of Central Government; Who is entitled to it: An employee of the Central Government or State Government or any other employees who has been appointed on or after 1.1.2004. Item eligible for Deduction: Amount deposited during the previous year in the pension scheme notified by the Central Government.
Cont. Quantum eligible for Deduction: Amount deposited by the employee or 10% of his salary,(which ever is less). In the case of other individual ,up to 20% of his gross income in the previous year.(sec.80CCD(1). Whether or not any Deduction is allowed under 3(a) or 3(b) amount up to Rs.50,000 can be deposited in pension scheme and it will also be eligible for Deduction.
Cont. If an individual deposits money in the Atal Pension Yojana, he shall get Deduction under this section. Amount contributed by the Central Government/other employer or 10% of salary, which ever is less.
Cont. Where any amount on which Deduction has been allowed under this section, no Deduction with reference to such amount shall be allowed u/s 80C. Tax liability: When amount is received by assessee or his nominee or pension in previous year ,it shall be chargeable to tax as the income of previous year.
Cont. EXCEPTIONS: 1. If withdraw amount uses in purchasing an annuity plan, it shall not be liable to tax. 2. If amount is received by the nominee, on the death of the assessee, on account of closure or his opting out of the pension scheme referred to in sec.80CCD(1) or sec.80CCD(1B)shall not be liable to tax. Note: Salary = Basic salary+ Dearness allowance (if under the terms of employment)
5.(Sec. 80CCE) :-The aggregate amount of Deductions under sections(80C+80CCC+ 80CCD(1) shall not exceed Rs.1,50,000. Note:- The Deduction of up to Rs.50000 u/s 80CCD(IB) And Amount of contributed by employer in sec.u/s 80CCD(2) shall not be included in Rs.1,50,000.
