Tax Deduction for Media House, Absolutely, here are several tax deduction for media house when filing their income tax returns:
1. Section 80C:
This provision permits a deduction of up to Rs. 1,50,000 for investments in qualifying schemes like life insurance premiums, ELSS, PPF, etc.
2. Section 80D:
This rule allows a deduction of up to Rs. 50,000 for medical expenses incurred by the taxpayer, their spouse, children, and parents.
3. Section 80GG:
This clause permits a deduction of up to Rs. 5,000 per month for the rent paid by the taxpayer for their residential space.
4. Section 80U:
This regulation allows a deduction of up to Rs. 75,000 for medical expenses incurred on a disabled dependent relative.
5. Section 37(1):
This statute allows a deduction of all business-related expenses incurred by the media house, including salaries, rent, travel, advertising, etc.
6. Section 35AD:
This guideline permits a 100% deduction on the cost of acquiring new machinery or plant for digitizing news and current affairs content.
7. Section 35ABA:
This guideline allows a 100% deduction on the cost of acquiring new machinery or plant for producing high-definition news and current affairs content.
For more information visit this site:https://www.incometax.gov.in
Beyond these deductions, media houses might also qualify for other deductions, such as those for donations to charitable organizations.
The specific deductions available will be contingent on the media house’s individual circumstances.
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