Exemptions, allowances and deductions help in the reducing the tax liability of the taxpayers. However, all the exemptions, allowances and deductions are not available under both the tax regimes. While …
Exemptions, Allowances, and Deductions under the Old & New Tax Regime Read More »
Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).
The ITR filing in India exemption limit depends upon the type of taxpayer as well as the type of tax regime he chooses to opt for. This is so because …
Know About the Basic ITR Filing Exemption Limit for Taxpayers Read More »
Exemptions & deductions provided under the Income Tax Act helps in reducing the tax liability of persons during each financial year. A lot many of the individuals find the current …
Major Exemptions & Deductions Availed by Taxpayers in India Read More »
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 …
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.
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.
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.
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