Tax Ready Reckoner

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

Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received by an individual or a Hindu Undivided Family (HUF) for a patent registered on or after April 1, 2003 under the Patents Act, 1970. This section is aimed at encouraging research and development in the field of

Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits in savings account. This deduction is available to individuals and Hindu Undivided Families (HUFs). However, senior citizens are not eligible for this deduction as they have a separate deduction under Section 80TTB for interest on deposits in

Section 80TTB of the Income Tax Act, 1961 provides a special deduction to senior citizens in respect of the interest income earned from their deposits. This deduction is applicable only to individuals who are 60 years or above in age. Eligibility Criteria Section 80TTB is applicable to individual taxpayers who are senior citizens. In the

Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to claim deductions on their taxable income. This section applies to both resident and non-resident individuals with disabilities. It aims to reduce the financial burden on persons with disabilities and promote their overall well-being. The section outlines the conditions