Tax Ready Reckoner

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 […]

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) 

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 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

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