Month: June 2020

In India we have different types of provident funds which are created to address needs of different sections of people. In this article we will be looking into these different types of provident funds. Employee Provident Fund or EPF Any person who has employed 20 or more employees in an organization, is under an obligation…

Employees’ State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. The fund is managed by the Employees’ State Insurance Corporation (ESIC) according to rules and regulations stipulated in the ESI Act 1948. ESIC is a Statutory Body and Administrative Ministry is Ministry of Labour and Employment, Government…

As the name itself suggests, it is an exemption for allowance/assistance received by the employee from his employer for travelling on leave. Though it sounds simple, many factors need to be kept in mind before planning the travel for the purpose of claiming LTA exemption. Income tax provision has laid down rules with respect to…

Section 10 of the Income Tax Act, 1961 includes those incomes which do not form part of the total income while calculating the tax for an individual. Thus, these incomes are excluded from the calculation, and they are known as exempted incomes. The main objective of Section 10 is to reduce the tax burden of…

Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Even more so after the announcements made during the latest financial budget 2020: Tax benefits for home loans remain unchanged, though the timeline for availing loans for affordable housing has been extended for a year –…

Under the objective “Housing for all”, the government has now extended the interest deduction allowed for low-cost housing loans taken during the period between 1 April 2019 and 31 March 2020. Accordingly, a new Section 80EEA has been inserted to allow for an interest deduction from AY 2020-21 (FY 2019-20).The existing provisions of Section 80EE…