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Tax Information
How to Reduce Tax Legally with Smart FD Investing?

How to Reduce Tax Legally with Smart FD Investing?

Paying taxes is a duty of every citizen. However, there are legal and ethical ways to reduce your tax liability using permitted deductions and exemptions. One such option is to save income tax through FDs (Fixed Deposits) investment to minimize your taxable income....

Maximize Tax Savings using Section 80C Deduction Option

Maximize Tax Savings using Section 80C Deduction Option

Saving taxes is one of the prime financial goals for working professionals and investors in India. And Section 80C of the Income Tax Act provides one of the most useful options to reduce your taxable income and take home more of your hard-earned money. Availing...

Save More, Worry Less: Understanding Section 24 of Income Tax Act

Save More, Worry Less: Understanding Section 24 of Income Tax Act

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...

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...

Maximize Your Savings: Know the Income Tax Slabs for 2023-24

Maximize Your Savings: Know the Income Tax Slabs for 2023-24

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...

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...

What are 80U Deductions and the benefits of having an 80U deduction?

What are 80U Deductions and the benefits of having an 80U deduction?

Section 80U of the Income Tax Act, of 1961 includes provisions for tax deduction benefits to individual taxpayers suffering from a disability. Generally, a taxpayer can claim a deduction under Section 80U when filing an Income Tax Return. However, it is important to...

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 (House Rent Allowance) in India

HRA exemption (House Rent Allowance) in India

Are you looking to save up on your taxes? Do you have an allowance for rental payments? Then you should definitely look into understanding the House Rent Allowance (HRA) exemption and how it works! In this article, we'll break down everything you need to know about...

Tax Rebate Under Section 87A of the Income Tax Act in India

Tax Rebate Under Section 87A of the Income Tax Act in India

Whether you are an Indian or a non-resident Indian, you may be eligible for a tax rebate under section 87a of the income tax act in India. However, you will need to understand the eligibility criteria and how to calculate the deduction. In the year 2013-14 the...

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