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What is use of Income Tax Form 10CCA? - Simply Media Simply Money & Personal Finance & Investing for PC

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If you are having earnings from projects outside india

Posted on Feb 05, 2013

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Form 10CCA is an audit report for claiming benefit u/s 80HHB of ITA. You can read more about it at http://www.makemyreturns.com/blog/post/form-10cca.aspx

Posted on Feb 01, 2013

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It is audit rprt

Posted on Jan 24, 2013

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My son has a student loan but I pay the loan can I claim the interest


Topic 456 - Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. It is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.
You claim this deduction as an adjustment to income, so you do not need to itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions.
You can claim the deduction if all of the following apply:
  • You paid interest on a qualified student loan in tax year 2015
  • You are legally obligated to pay interest on a qualified student loan
  • Your filing status is not married filing separately
  • Your MAGI is less than a specified amount which is set annually, and
  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
A qualified student loan is a loan you took out solely to pay qualified higher education expenses. See Publication 970, Tax Benefits for Education, and the Form 1040 Instructions (PDF) to determine if your expenses qualify.
If you file a Form 2555 (PDF), Foreign Earned Income, Form 2555-EZ (PDF), Foreign Earned Income Exclusion, or Form 4563 (PDF), Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to Worksheet 4-1, Student Loan Interest Deduction Worksheet in Publication 970, instead of the worksheet in the Form 1040 Instructions.
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you paid the student loan interest.
For more information about the student loan interest deduction and how your MAGI affects the deduction amount, refer to Publication 970.
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Page Last Reviewed or Updated: December 30, 2015

Jan 26, 2016 | The Computers & Internet

2 Answers

Does Obama care contain new taxes?


Yes it does, primarily for high-income earners and big businesses.

Low to middle-income earners would get tax breaks and credits

http://obamacarefacts.com/obamacare-taxes/

Nov 01, 2014 | Computers & Internet

1 Answer

I need Form 1099-R Tax Year 2013


irs.gov has all forms available for download.
Additionally, many libraries and post offices carry the more popular [common?] ones.

Apr 02, 2014 | Computers & Internet

3 Answers

For how many years can one claim deduction under section 10B and how to do it?


As per section 10B you can claim income tax benefits for 10yrs from the yr you have started production. For claiming this deduction you must provide report in form 56G - it can be downloaded from http://www.makemyreturns.com/blog/post/form-56g.aspx

Jan 24, 2013 | Tops 1099 Miscellaneous Income Tax Forms...

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My father is NRI and he has saving in fd in banks. Bank is deducting tds for income tax on it, is ti correct?


The interest earned on the fixed deposits is considered as income and bank is required to deduct tds on it. If ur father's total income is less than exemption limit then he can submit form 15h and tds will not be cut. See http://www.makemyreturns.com/income-tax-efiling/nri-taxation-services.aspx for more details on how to avoid tds

Nov 30, 2012 | Cars & Trucks

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Canadian resident filing US tax return, how do I report income as an independent contractor?


Sorry, I don't' know, but you can talk with experts. A good citizen always pays his tax in time and in perfect match. If you are from US or UK, you need to pay your tax in a more organised way. You can get many a firms to pay US tax online. US tax returns are the reports of IRS by which the US tax are calculated. US tax returns are prepared using forms in general though you can learn a lot of other things on US tax. As US tax online strategy helps people to pay taxes easily, you can you can avail the opportunity in case of necessity. Authorities relevant with those departments are helpful and so, you can pay taxes easily. Anything more??

Oct 19, 2012 | U.S. Stamp & Sign Office Equipment &...

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