Section 80E

Whether Income Tax Exemption is available in respect of Educational Loan taken for the purposes of higher education abroad? All salaried persons and pensioners should submit their Income Tax Final Statement (with respect to the A.Y 2022-203, Previous Year 2021-2022) before February 28, 2022. Income Tax Final Statement should be submitted ...

Mr. X has sent his son to abroad for pursuing his higher studies in a foreign university. Mr. X has taken a loan from a financial institution towards meeting cost of his son’s higher education. Mr. X wants to claim the interest on repayment of education loan as a deduction under Section 80E. This is a common question posed by the tax p...

SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...

The income tax calculator considers factors like your income, age, housing loan payments, expenses, and investments to indicate the total tax payable on your income under the new or old Indian tax regime. The online tax calculator is free, easy to use, and generates error-free results quickly....

Paying tax is an important responsibility of an individual towards a nation, however, at the same time, with financial planning you can save your taxes while fulfilling your responsibility by using the tax saving schemes given by the government. Tax planning is an integral part of a financial plan that helps in the reduction of […]...

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 ...

Section 80E- Deduction for Interest on Loan taken for Higher Education If you have taken a loan for higher studies (even though pursuing in abroad) and are repaying the same, then the interest paid on that education loan is allowed as deduction u/s 80E. However, the deduction is only available for the interest part of […]...

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 […]...

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisio...

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...