Law First Consulting LLP

As the Government Maharashtra has issued Notification dated 22.07.2024 for the amendment of “Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) (Amendment) Rules, 2024” to insert the requirement to mention “Insurance certificate of establishment” under the following forms:

• Form A (Application for Registration Certificate) and Form D (Renewal of registration certificate)
• Form F (Form for intimation of commencement of business by such employer engaging less than 10 workers) and
• Form R (Annual Return) - included “Insurance policy number and date of validity of insurance policy of establishment.

हे राष्ट्र आपले हे राष्ट्र सर्वांचे, आत्मा जागो नित्य पुजा जागृतीचे !
येथे आपलेच लोकं झाले दलाल परदेशींचे
भ्रष्टाचार दुफळी कर्म त्यांचे राहू जागे सदैव ठेवू ऐक्य भारताचे!
येथे नको हिरवा नको गुलाबी पिवळा ऐक्याचा प्रतिक तिरंगा
ठेवू फडकत निशाण मानवतेचे!

21 Deductions a Taxpayers can Claim while Filing Income Tax Returns

1) Section 80C is one of the most popular and favourite sections amongst taxpayers. It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayer's total income.

Some Investment / Expenditure are
Life insurance premium for the policy
ELSS funds
NPS Scheme
ULIP
Tax saving FD
PPF - Public Provident Fund Account
Senior citizen savings scheme
National Savings Certificate
Sukanya Samriddhi Yojana
Certain payments for purchase/construction of residential house property
Tuition fees
Post Office Time Deposit Rules etc

2) Section 80CCD (1B) Investments of up to Rs.50,000 in NPS.

3) 80CCD(2) Employer’s contribution towards NPS (outside Rs 1,50,000 limit under Section 80CCE)

Central government employer: 14% of basic salary +DA
Others: 10% of basic salary +DA

4) Section 80GG – Income Tax Deduction on House Rent Paid

Section 80GG deduction is available for rent paid when HRA is not received.

Max Deduction can be
a. Rent paid minus 10% of adjusted total income
b. Rs 5,000/- per month
c. 25% of adjusted total income

5) Section 80E – Interest on Education Loan

An individual is allowed to deduct interest on loans taken to pursue higher education. The loan may have been taken for the taxpayer, spouse, children, or a student for whom the taxpayer is a legal guardian.

80E deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.

6) Section 80D – Deduction on Medical Insurance

Premium Claim a deduction of Rs.25,000 under on insurance for self, spouse and dependent children. An additional deduction for insurance of parents is available up to Rs 25,000, if they are less than 60 years of age. If the parents are aged above 60, the deduction amount is Rs 50,000

In case both taxpayer and parent(s) are 60 years or above, the maximum deduction available under this section is up to Rs.1 lakh. From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for preventive health check.

7) Section 80DD – Deduction for Medical Treatment of a Dependent with Disability

Section 80DD deduction is available to a resident individual or a HUF and is available on:

a. Expenditure incurred on medical treatment (including nursing), training and rehabilitation of handicapped dependent relative

b. Payment or deposit is made to a specified scheme for maintenance of handicapped dependent relatives.

i. Where disability is 40% or more but less than 80% – a fixed deduction of Rs 75,000.

ii. Where there is a severe disability (disability is 80% or more) – a fixed deduction of Rs 1,25,000.

You must note that to claim a deduction under sections 80DD & 80U, you need to file form no. 10-IA where the person with a disability or severe disability is suffering from autism, cerebral palsy or multiple disabilities

8) Section 80DDB – Deduction for Specified Diseases

A deduction up to Rs.40,000 is available to a resident individual for any expense incurred towards treatment of specified medical diseases or ailments for himself or any of his dependents. In case the individual on behalf of whom such expenses are incurred is a senior citizen, the individual or HUF taxpayer can claim a deduction of up to Rs 1 lakh.

9) Section 80U – Deduction for Disabled Individuals

A deduction of Rs.75,000 is available to a resident individual who suffers from a physical disability (including blindness) or mental retardation. In case of severe disability, one can claim a deduction of Rs 1,25,000.

10) Section 80G – Income Tax Benefits Towards Donations for Social Causes

Donations with 100% deduction or 50% deduction depends upon the Trust. Donations above Rs 2000 should be made in any mode other than cash to qualify for an 80G deduction.

11) Section 80GGC – Deduction on Donations By a Person to Political Parties

Deduction under section 80GGC is allowed to an individual taxpayer for any amount contributed to a political party or an electoral trust.

12) Section 80RRB – Deduction on Income via Royalty of a Patent

80RRB Deduction for any income by way of royalty for a patent, registered on or after 1 April 2003 under the Patents Act 1970, shall be available for up to Rs.3 lakh or the income received, whichever is less.

13) Section 80TTB – Interest Income on Deposits for Senior Citizens

Deductions with respect to interest income from deposits held by senior citizens will be allowed. The limit for this deduction is Rs.50,000.

14) Section 80TTA – Interest on Savings Accounts

If you are an individual or a HUF, you may claim a deduction of a maximum Rs 10,000 against interest income from your savings account with a bank, co-operative society, or post office.

15) Section 80IA - 80JJAA - For Certain Business and Assessee

Depending upon certain conditions various deductions are available to the businessman

16) Section 16 i - Standard Deduction Rs. 50,000 or the amount of salary, whichever is lower

17) Section 16 ii - Entertainment allowance

Actual or at the rate of 1/5th of salary, whichever is less [limited to Rs. 5,000]

18) Section 23/24 - Municipal taxes on property paid when rent received

19) Section 24 - Interest on borrowed capital

Rs. 30,000/Rs. 2,00,000, subject to specified conditions

20) Section 57 - Any reasonable sum paid by way of commission or remuneration for the purpose of realising dividend

Any reasonable sum paid by way of commission or remuneration for the purpose of realising interest on securities

Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income.

21) Section 57 ii - Family Pension

In the case of family pension, 331/3 per cent of such pension or Rs. 15,000, whichever is less

Remember to read the rules and keep evidence or proof ready before claiming any expenditure. Further, few deductions are available only in the old regime and not the new.

Happy Filing, and I Hope you can save some Tax.

Donations with a 100% deduction or 50% deduction depend upon the Trust.

Important parameters for the exercise of the jurisdiction under Article 142 of the Constitution

(i) The jurisdiction can be exercised to do complete justice between the parties before the Court. It cannot be exercised to nullify the benefits derived by a large number of litigants based on judicial orders validly passed in their favour who are not parties to the proceedings before this Court;

(ii) Article 142 does not empower this Court to ignore the substantive rights of the litigants; and

(iii) While exercising the jurisdiction under Article 142 of the Constitution of India, this Court can always issue procedural directions to the Courts for streamlining procedural aspects and ironing out the creases in the procedural laws to ensure expeditious and timely disposal of cases. This is because, while exercising the jurisdiction under Article 142, this Court may not be bound by procedural requirements of law. However, while doing so, this Court cannot affect the substantive rights of those litigants who are not parties to the case before it. The right to be heard before an adverse order is passed is not a matter of procedure but a substantive right.

(iv) The power of this Court under Article 142 cannot be exercised to defeat the principles of natural justice, which are an integral part of our jurisprudence

👨‍⚖️High Court Bar Association Allahabad v. State Of Uttar Pradesh & Ors. 2024

⏰🌟 Landmark Cases of Quia Timet Injunction

✓ Supreme Court of India in Kuldip Singh Vs. Subhash Chandra Jain & Ors had recognized the doctrine of quia timet by referring to it as a bill in equity. The Court in such cases, if satisfied, may appoint a receiver, direct security to be furnished, issue an injunction, etc.

✓ This doctrine although not discussed in the judgment was adopted in spirit in Jawahar Engineering Co. v. Javahar Engineering Pvt. Ltd. 1984 i.e. even before the Kuldip Singh case, wherein a division bench of the Delhi High Court observed that when an injunction is sought, it is not necessary for the threat to have materialized. Given the prohibitory nature of an injunctive relief, it was observed that the same may granted to prevent an injury which was "likely to happen". Subsequently, the principle of quia timet has been substantially recognized by various Courts.

✓ Courts have constantly relied on Fletcher v. Bealey to explain the factors which have to be considered before granting relief such as proof of imminent danger and risk of substantial losses in case the threat materializes are a must for such relief. The damage which is apprehended should be of an irreparable nature and so imminent that if the damage occurs, the aggrieved party will be unable to protect itself if the remedy is denied in a quia timet action.

This relief is available against any tortious liability and is not restricted to the realm of trademark law.

✓ Mars Incorporated v. Kumar Krishna Mukherjee exhaustively laid down the tests applicable for the grant of injunctive relief in trademark disputes