Tax Information
Section 10 of the Income Tax Act

Section 10 of the Income Tax Act

Section 10 of 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...

Tax Benefit on Home Loan

Tax Benefit on Home Loan

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 benefit on home loans remain unchanged, though the timeline for availing loans for...

Section 80 EEA

Section 80 EEA

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 80 EEA has been inserted to allow for an...

Section 80 E

Section 80 E

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...

Donating Money? Tax benefit under section 80G.

Donating Money? Tax benefit under section 80G.

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...

Section 80U

Section 80U

Section 80U of the Income Tax Act, 1961 includes provisions for tax deduction benefit to individual taxpayers suffering from a disability. In order to claim tax deduction under section 80U, the individual must be certified as a person with a disability by appropriate...

Deduction available under Section 80D

Deduction available under Section 80D

Individual: An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs...

Tax Treatments of Investment National Pension Scheme

Tax Treatments of Investment National Pension Scheme

Earlier the tax deductions allowed for the NPS investments was only limited to Rs. 1 lakh. However, the same was amended in the budget of 2015 to encourage more people to invest in pension schemes. Amendments in the sections pertaining to NPS were announced in Budget...

HRA Exemption

HRA Exemption

For most employees, House Rent Allowance (HRA) is a part of their salary structure. Although it is a part of your salary, HRA, unlike a basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the...

Section 87A : Tax Rebate under Section 87A

Section 87A : Tax Rebate under Section 87A

In the year 2013-14 the government of India introduced rebate u/s 87A. This rebate provides benefits from your taxes payable. This benefit can be claimed when your taxable income does not exceed prescribed limits for the relevant financial year. For the FY 2019-20 if...

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