Introduction The Income Tax Act is a complex set of laws and regulations that can be difficult for the average taxpayer to navigate. However, understanding the various provisions of the Income Tax Act is crucial for anyone looking to save money on their taxes. One...
Section 80EE of the Income Tax Act of India was introduced in 2013 to encourage individuals to invest in their own homes. The deduction under Section 80EE was introduced for first-time home buyers who are looking to purchase a home. Sec 80EE allows individuals to...
The Income Tax Slabs in India are updated annually by the finance minister. There are currently two options for taxpayers: the new and the old tax regimes. Both offer tax benefits. Finance minister Nirmala Sitharaman introduced changes to the current income tax slabs...
On Wednesday (01-Feb-2023), Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023, marking the fifth budget presentation under the Modi government. As the final full-fledged budget before the upcoming general elections, Sitharaman expressed...
Are you a salaried employee in India who pays rent to family members for your accommodation? Are you wondering if you can claim an HRA exemption on the rent paid to family members? Under the Income Tax Act of India, the rent paid by an individual to their family...
Section 10 of Income Tax Act is an essential provision under the Indian Income Tax Act, 1961. It provides various exemptions and deductions to taxpayers, reducing their taxable income and, ultimately, their tax liability. Every taxpayer in India needs to understand...
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 on home loans remain unchanged, though the timeline for availing loans for...
Section 80EEA of the Income Tax Act is a deduction that taxpayers can claim on the interest paid on home loans. It was introduced in the Union Budget of 2019 to relieve middle-class taxpayers who have taken home loans. In this article, we will discuss the key aspects...
Any individual who has applied for a loan for higher education can avail of the benefits of tax savings provided by Section 80E of the Income Tax Act, 1961. Even if an individual has availed the maximum available deduction of INR. 1,50,000 under section 80C, they can...
The amount of donation which can be claimed as a deduction under section 80G is determined as per certain rules. You can claim either 100% or 50% of the amount donated as a deduction subject to ‘With’ or ‘Without’ the upper limit.How much of the amount donated can be...
