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Saturday, June 15, 2024

Section 192 of Income Tax Act

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Section 192 of Income Tax Act is a provision that allows for the deduction of certain expenses incurred by an individual in the course of their employment. This includes things like travel expenses, accommodation costs, and meal allowances. This deduction can be a great way to reduce your taxable income, but there are some restrictions that you should be aware of. In this blog post, we will explore those restrictions and how they might affect you.

Section 192 of Income Tax Act

What is Section 192 of Income Tax Act?

Section 192 of income tax act is a section which provides for the deduction of certain amounts from the total income of an individual. The deductions under this section are in respect of life insurance premiums, medical insurance premiums, donations to specified funds and charities, subscriptions to professional bodies etc.

What are the conditions to be fulfilled for claiming deduction u/s 192?

In order to claim a deduction u/s 192 of the Income Tax Act, the following conditions must be met:

1. The individual must be a resident of India.

2. The individual must have earned income from salaries, wages, or other similar sources.

3. The individual must have paid taxes on this income.

4. The deduction can only be claimed for the financial year in which the taxes were paid.

What is the meaning of resident and ordinarily resident?

The terms “resident” and “ordinarily resident” are defined in section 6 of the Income Tax Act. A person is resident in Singapore if he/she resides in Singapore with the intention to make it his/her permanent home. On the other hand, a person is ordinarily resident in Singapore if he/she has been living in Singapore for at least 3 out of the last 4 years, with no intention of leaving Singapore permanently.

How much deduction can be claimed u/s 192?

Under section 192 of the Income Tax Act, an individual can claim a deduction for any interest paid on money borrowed for the purpose of acquiring, constructing, or repairing a self-occupied house property. The deduction is limited to ₹30,000 per annum.

Which incomes are not taxable u/s 192?

Income from sources which are not taxable under section 192 of the Income Tax Act includes:

-Income from agriculture

-Income from foreign sources

-Income from certain government schemes like the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)

-Income from certain specified bonds or securities

-Income from life insurance policies

-Income from certain annuity schemes

What are the incomes which are taxable u/s 192?

Income from salaries, Income from house property, Profits and gains from business or profession, Capital gains, and Income from other sources.

Also Read: How To Get Business loan In India

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