IT Deductions

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.

With the increasing concerns about climate change and the need to reduce pollution, there has been a growing interest in electric vehicles (EVs) as an eco-friendly alternative to traditional gasoline-powered cars. In order to incentivize the adoption of EVs in India, the Income Tax Act, 1961 introduced Section 80EEB, which provides a deduction in respect

Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made to certain funds, charitable institutions, and other specified entities. This section aims to encourage individuals and businesses to contribute towards charitable causes by providing them with tax benefits. By making eligible donations, taxpayers can reduce their taxable income and

Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they do not receive House Rent Allowance (HRA) from their employer. This blog post explains the eligibility criteria and the amount of deduction allowed under Section 80GG. Essential Conditions for claiming Deduction under this section: (1)        This

1.  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 blog post, we will explore the details of Section 80-IAC and how

1.  Understanding of Section 80-IBA Section 80-IBA of the Income Tax Act, 1961, provides a deduction in respect of profits and gains from housing projects. This section was introduced to promote the development of affordable housing in India and incentivize builders and developers to participate in this crucial sector. Eligibility Criteria To avail the benefits

Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create new employment opportunities in the country. This deduction encourages job creation and promotes economic growth. The deduction is available for three consecutive assessment years, starting from the year in which additional employment is created. Eligibility Criteria To avail

Understanding of Section 80P Section 80P of the Income Tax Act, 1961 provides a deduction in respect of income of co-operative societies. This section aims to promote the growth and development of co-operative societies by providing them with tax benefits. This deduction is available to cooperative societies that are engaged in certain specified activities, such

Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors. This section aims to encourage and support the creative pursuits of authors in India by providing them with tax benefits. In this blog post, we will explore the provisions of Section 80QQB and understand how authors can