In general, the employee who is receiving ‘House Rent Allowance’ has a benefit of claiming an available exemption under section 10 (13A) of the Income Tax Act. However, there can be a situation, wherein, the individual (either self-employed or a salaried person) would not be receiving House Rent Allowance, but, is paying rent for his […]
Currently, with an aim to promote the electric vehicle market, the Government is coming up with various exemption, deductions and rates cuts. One such step is the insertion of new deduction section 80EEB in the Income Tax Act, 1961. Newly introduced section 80EEB provides deduction in respect of interest paid on loan taken from the financial institution […]
Interest deduction, towards loan taken to purchase residential house, available under section 80EE is limited only for the loans sanctioned by the financial institution between the period 1st April 2016 to 31st March 2017. Any loan approved after the said defined period would not be eligible for deduction under section 80EE. In order to boost the diminishing […]
Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under section 80E – […]
Deduction under section 80DDB of the Income Tax Act is available towards the amount actually paid for the medical treatment of the specified disease. The current article explains all the provisions attached with the said deduction along with the frequently asked questions. Eligibility of deduction under section 80DDB – For better understanding, the eligibility of deduction under […]
(i) Section 110(1)(b)(iii) of the CGST Act which states that a Member of the Indian Legal Services, who has held a post not less than Additional Secretary for three years, can be appointed as a Judicial Member in GSTAT, is struck down. (ii) Section 109(3) and 109(9) of the CGST Act, 2017, which prescribes that the tribunal shall consists of one Judicial Member, one Technical Member (Centre) and one Technical Member (State), is struck down.
Deduction under section 80DD of the Income Tax Act covers the amount paid towards the medical expenditure of a dependant with a specific disability. It also covers the amount of insurance premium paid towards specific insurance plans. The current article provides a complete explanation of all the provisions covered under section 80DD of the Income Tax […]
Deduction under section 80D of the Income Tax Act is available in addition to the deduction of INR 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1). Deduction under section 80D is available basically for two types of payment, namely – 1. Medical insurance premium (including preventive health check-up); and 2. Medical expenditure. […]
Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in the financial year.
According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible […]
