The Income Tax Act provides several deductions that individuals and businesses can claim to lower their taxable income.
1. [Section 80C]: Deduction in respect of Life Insurance Premium, Deferred Annuity, Contributions to Provident Fund, Subscription to certain Equity Shares or Debentures, etc. Section 80C of the Income Tax Act allows individuals to claim deductions on certain investments and expenses, thereby reducing their taxable income. This section is one of the most popular tax-saving …
1. Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up Understanding of Section 80-IAC The Income Tax Act, 1961 provides various deductions for taxpayers to reduce their taxable income. One such deduction is Section 80-IAC, which is specifically designed to encourage the growth of eligible businesses and startups in India. In this …
The following Essential & Basic Rules have to be kept in mind while calculating Deductions under Section 80C to 80U : 1. Deductions cannot exceed Gross Total Income [Section 80A(2)]: According to Section 80A(2) of the Indian Income Tax Act, deductions under various sections, including Sections 80C to 80U, cannot exceed your Gross Total Income …
Basic Rules of Deductions under Section 80C to 80U [Sections 80A/80AB/80AC] Read More »
Section 80C of the Income Tax Act allows individuals to claim deductions on certain investments and expenses, thereby reducing their taxable income. This section is one of the most popular tax-saving provisions in India as it offers various options for taxpayers to reduce their tax liability. Eligible Investments and Expenses Under Section 80C, individuals can …
1. Introduction to Section 80CCD Section 80CCD of the Indian Income Tax Act, 1961, provides for deductions in respect of contributions made to the National Pension Scheme (NPS). This section encourages individuals to save for their retirement by offering tax benefits on contributions to the NPS. Here are the key details of Section 80CCD: (1) …
Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS) Read More »
Understanding of Section 80D Section 80D of the Income Tax Act provides individuals with a deduction in respect of medical insurance premiums paid. This section is aimed at encouraging taxpayers to avail medical insurance coverage for themselves and their families. Under Section 80D, taxpayers can claim deductions on the premiums paid for medical insurance policies …
Section 80D : Deduction in respect of Medical Insurance Premia Read More »
Section 80DD of the Income Tax Act in India provides a deduction for individuals or Hindu Undivided Families (HUFs) in respect of expenses incurred for the caring and maintenance, including medical treatment, of a disabled dependent. This section is aimed at providing financial relief to taxpayers who have the responsibility of supporting disabled dependents. Here …
Section 80DDB of the Income Tax Act in India provides a deduction for individuals and Hindu Undivided Families (HUFs) in respect of expenses incurred for the medical treatment of specified diseases for themselves or their dependents. This section aims to provide financial relief to taxpayers who have incurred substantial medical expenses for specific illnesses. Here …
Section 80DDB : Deduction in respect of Medical Treatment, etc. Read More »
Education is an essential aspect of personal and professional growth. However, pursuing higher education can be financially burdensome for many individuals. To ease the financial load, the Indian government has introduced various tax benefits and deductions to encourage individuals to invest in their education. One such deduction is Section 80E, which allows individuals to claim …
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce their taxable income. One such deduction is available for individuals who have taken a loan to purchase a residential house property. Section 80EE of the Income Tax Act, 1961 allows for a deduction in respect of interest on such loans. …
