by Nitso Technologies | Jun 4, 2020 | Blog, Do You Know, Tax Information, Uncategorized
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...
by Nitso Technologies | Jun 3, 2020 | Blog, Tax Information, Uncategorized
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...
by Nitso Technologies | Jun 3, 2020 | Blog, Compliance, Do You Know, Tax Information, Uncategorized
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...
by Nitso Technologies | May 30, 2020 | Blog, Tax Information, Uncategorized
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...
by Nitso Technologies | May 27, 2020 | Blog, Tax Information, Uncategorized
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...
by Nitso Technologies | May 27, 2020 | Blog, Tax Information, Uncategorized
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...
