Know about public provident fund
We all know that through investing in Public Provident Fund scheme (PPF), one can claim deduction of upto Rs. 1.5 lacs under Section 80C of the Income Tax Act. But …
Income Tax
Acronyms related to Income Tax
CLICK HERE TO GET YOUR ITR FILED NOW It is said that you can escape from any liability but not from Income Tax liability. Further, it is the Income Tax …
Extended Due Dates of Income Tax: AY 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Financial Year 2020-21 | Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.
Section 80U: Deduction in case of disability
Section 80U is a deduction meant for the disabled person. This section provides a flat deduction on the gross total income of the individual on the basis of severity of disability of the disabled person. Further, this deduction is not dependent on the amount of the expenditure.
Deductions on interest earned by Senior Citizens | Section 80TTB
Section 80TTB was introduced in the Income Tax Act through the Union Budget, 2018 and is applicable from the Financial Year 2018-2019. Through this provision, the citizens can claim a specified amount as a deduction from their respective gross total income.
Deductions on Interest on Deposits in Savings Account: Section 80TTA
Section 80TTA of the Act provides deduction on the interest earned on the savings account with a bank / cooperative society / post office. In other words, the deduction is allowed only on interest earned on savings account and not on interest earned or fixed deposits / timed deposits.
How to claim deductions if you do not get HRA? | Section 80GG
In cases, where the individuals do not get House Rent Allowance from their employers, they still can get deduction on house rent paid through Section 80GG of the Income Tax Act
Section 80G: Deductions on Donations
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
Deduction on Electrical Vehicle for Interest Paid on Loan
As per the provisions of Section 80EEB, a taxpayer is allowed a deduction for interest paid on the loan amount taken for the purchase of an Electric Vehicle (EV), whether it is done for personal usage or regarding any business purposes. A taxpayer can avail deduction under this section till the loan is repaid.
Section 80EEA | Deduction on interest paid on home loan
With a view to promote “Housing for All”, a new section namely Section 80EEA was inserted in the Income Tax Act. This Section helps first time home buyers to claim an additional tax of Rs. 1,50,000 during each financial year against the home loan interest payments. Further, the rebate amount under this section is over and above the deduction limit mentioned under Section 24(b) of the Act.