Tax Information
Understanding Section 80EE of the Income Tax Act

Understanding Section 80EE of the Income Tax Act

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...

Key Points of the Budget 2023 in India

Key Points of the Budget 2023 in India

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...

Understanding Section 10 of Income Tax Act in India

Understanding Section 10 of Income Tax Act in India

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...

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

What is Section 80EEA of the income tax act?

What is Section 80EEA of the income tax act?

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...

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...

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