Income Tax : Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ's, case laws, and exemptions. Learn how it appli...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
Income Tax : Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [S...
Income Tax : Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the cu...
Income Tax : Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax...
Income Tax : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : Notification No. 78/2015 - Income Tax The prescription in respect of the diseases or ailments specified in sub-rule (1) shall be ...
Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ’s, case laws, and exemptions. Learn how it applies to agricultural land and its tax implications.
Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to special rates.
Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction.
Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the current limits are inadequate for taxpayers.
Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax department. The information reflected under the Annual Information Statement is categorized under 50 different information categories. One such information category is ‘Receipts from life insurance policy’ which is taken up and explained in the present article. […]
Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions Before going to any Specific Deductions, […]
Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits available to senior […]
Section 80DDB Section 80DDB of the Income Tax Act allows you to save tax by claiming medical expenditures incurred as a deduction from income before levy of tax. You can claim this deduction if these two conditions are satisfied then one can claim a maximum deduction of Rs 50,000 in a financial year for the […]
In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]
Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]
