This process gets very exciting if you have multiple non-taxed entities because the
tax deductions to you can really add up.
* Consult with your tax advisor to make sure your gift is handled properly in order to claim your
tax deduction. Additionally, talk to your financial professional to see how you can make donations that are aligned with your financial goals.
To claim a
tax deduction, you need to give a certificate ( in a prescribed format) of treatment from doctors of government hospitals.
The limit of
tax deduction is Rs 1 lakh per year if the dependant suffers from severe disability ('80% or more') or Rs 50,000 otherwise.
The
tax deduction for corporate R&D reserves will be removed, and training and overseas education costs will no longer be tax-deductible.
Roughly 7 in 10 oppose eliminating the charity deduction, compared with about 6 in 10 who oppose getting rid of the mortgage interest and state and local
tax deductions.
Most states also allow a state
tax deduction for contributions to 529 accounts.
The
tax deduction relates to an unutilised deficit during the income years 2002-2005.
Finally, Democrats say they'll seek a tuition tax credit worth up to $3,000 to replace a mish-mash of existing
tax deductions. They maintain that the credit will be worth more, equivalent to a $12,000
tax deduction for most middle-class families.
Prior to January 1, 2006 people who purchased hybrids were allowed to take a $2000 income
tax deduction, after that date, the deduction became even larger.
roadshow--was the announcement of what is being promoted as "the Belgian
Tax Deduction for Risk Capital," the notional interest deduction (see sidebar).