Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand tax deductions for paying family's home or education loans. Learn conditions for claiming benefits, including borrower ...
Income Tax : Section 80E of the Income Tax Act provides deduction towards interest paid on loan taken for higher education. The current article...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
Income Tax : The Tribunal examined whether cost of acquisition could be fixed on assumptions. It held that government-notified MVR rates must b...
Income Tax : Karnataka High Court held that revision petition u/s. 264 of the Income Tax Act wrongly dismissed by holing that delay in filing r...
Income Tax : ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claime...
Income Tax : ITAT Mumbai held that income by way of interest on loans given for residential purposes for period less than 5 years is eligible f...
Income Tax : LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is n...
Income Tax : Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction - In respect of interest on loan taken for ...
Learn all about income tax benefits on interest on education loans under Section 80E with our overview of eligibility criteria and approved lenders!
Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your income tax return.
Discover key deductions under Chapter VIA of the Income Tax Act, 1961, including Section 80C, 80D, and 80G. Learn how to optimize your taxable income and benefit from various investment and insurance-related deductions.
Maximize your income tax savings on salary! Learn how to pay zero taxes and claim a full refund of TDS deducted under Section 192. Explore salary structures, deductions under Section 80C, 80D, 80E, and more. Make informed financial decisions for a tax-efficient financial year-end.
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 before the relevant Drawing […]
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 payers in a similar scenario.
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 Before going to any Specific Deductions, […]
