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
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
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.
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.
As per the provisions of Section 80E of the Income Tax Act, the interest paid on education loan paid on higher education (including vocational studies) can be claimed as a deduction from the taxable income.
Dearness Allowance or D.A. essentially is considered to be as a component of salary, which is some fixed percentage of the basic salary. It is provided to the central government/public sector employees to bear with the consequences of inflation. Furthermore, the D.A varies from place to place and sector in which the employee is employed.
The TDS rates varies from type of taxpayer and the income bracket. The rates of TDS for FY 2021-22 | AY 2022-23 are as follows:
As per the Income Tax laws, any individual whose primary source of income is salary has to file Income Tax Return-1 or ITR-1 form, commonly known as SAHAJ form.