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Latest Articles


Tax Benefits Available to Senior Citizens

Income Tax : A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 6...

June 29, 2023 690117 Views 150 comments Print

Capital Gain on JDA Agreement & Exemption under Section 54

Income Tax : Explore the intricacies of capital gains on Joint Development Agreements (JDAs) and the exemption under Section 54 of the Income T...

May 18, 2023 23193 Views 2 comments Print

Cost Inflation Index – Meaning & Index from 1981-82 to 2023-24

Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...

March 11, 2023 2244605 Views 317 comments Print

Section 28 of Income Tax Act: Profits & gains of business or profession

Income Tax : Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or...

March 4, 2023 28326 Views 1 comment Print

Analysis of Section 269SS of Income Tax Act, 1961

Income Tax : Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money...

February 27, 2023 73611 Views 1 comment Print


Latest News


Online GST Course by TaxGuru & GST Professionals

Goods and Services Tax : TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST an...

November 9, 2018 43377 Views 17 comments Print

Wish you all a Very Happy Diwali and Prosperous New Year

CA, CS, CMA : We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Th...

October 31, 2016 3610 Views 0 comment Print

CA Slapped by service Tax Official- Online Petition- CAs Soft target?

CA, CS, CMA : In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax...

October 20, 2015 10588 Views 0 comment Print

Extension of Due Date to 31.10.2015 all over India?

Income Tax : CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary...

October 1, 2015 6879 Views 0 comment Print

Department still amending ITR Schema & Validation Rules but no extension

Income Tax : In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), ...

September 25, 2015 12119 Views 34 comments Print


Latest Notifications


CBDT notifies new Wealth Tax Return Form & Rules for Online Filing

Income Tax : Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall...

June 23, 2014 32727 Views 0 comment Print


Tax & Loan Eligibility benefits from Home loan in Joint Names

July 2, 2018 356521 Views 193 comments Print

Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vacant.

Deduction we use to forget while computing taxable income

July 1, 2018 44848 Views 17 comments Print

Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will be allowed a deduction to the extent of Rs 50,000. However, if the dependent is suffering from severe disability, a deduction of Rs 75,000 will be allowed.

Eight Common Myths & Misconceptions about tax

July 1, 2018 21257 Views 3 comments Print

In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to clear such Mis-Conceptions. The following are some of the myths and real facts related to same:- .

Income Tax Deduction Under section 80CCC and 80CCD

June 29, 2018 944898 Views 128 comments Print

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB)

Deduction under section 80DDB with FAQ

June 29, 2018 1111168 Views 252 comments Print

Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

Section 80E- Education Loan– The Mantra to Save Tax

June 29, 2018 126850 Views 49 comments Print

The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.

Taxability of second House under Income Tax Act,1961

June 29, 2018 309273 Views 100 comments Print

People buy a second home for many reasons, which, inter-alia, include as an investment for capital appreciation; to use it as a holiday home; to get a regular stream of income by way of rentals; or to diversify their investment portfolio. However, it is important for an individual, who is planning to buy a second home, to understand the tax implications under the Income-Tax Act 1961 of owning and maintaining the second home.

House Rent Allowance (HRA) Taxability & calculation

June 28, 2018 3102941 Views 455 comments Print

Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee.

Deduction U/s. 80G of Income Tax Act, 1961 for donation

June 28, 2018 2572629 Views 345 comments Print

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it’s here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe.

Deduction U/s. 80U for disabled persons

June 27, 2018 655036 Views 187 comments Print

The Income Tax Act, 1961 provides deduction u/s. 80U in pursuance of which an individual (Indian citizen and foreign national) who is resident of India, and who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 75,000/- and in case of severe disability to the extent of Rs. 125,000/-.