2 Section 80TTA

Section 80TTA articles

Analysis of Section 80TTA of the Income Tax Act 1961

Section 80TTA of the Income Tax Act 1961 is a provision that allows individuals, who are resident India and having a taxable income, to claim deductions for specified savings. The Section enables individual taxpayers to save tax by deducting interest on savings account, held in any bank and/or post office, from their total income. The [&h...

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Save income tax on Salary Income

Hello folks, financial year end is near by and it is that time of the year where employees started to think about the tax planning on their salaried income. I will explain in a simplified manner regarding how to pay zero taxes and claim full refund of the TDS deducted u/s 192. 1. Understand the […]...

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Bank Fixed Deposits – Taxability, Deduction & Tax Planning

We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs. These instruments generated interest income and same is a  good source of income for senior citizens. The banks and government have came with [...

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Income From Other Sources

INCOME FROM OTHER SOURCES Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other Sources’. INTEREST INCOME: Interest which are accumulates under the Saving Bank shall be mention under the head of ‘Income from Other Sources’ in tax return. Important point here is to be […]...

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Deduction Under Income Tax

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 […]...

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Income Tax Calculator: How Is Income Tax Calculated?

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....

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Tax planning for Individuals under Income Tax Act

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 […]...

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Allowable Deductions from Income while Filing Return of Income

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 ...

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Income Tax Saving Investments For Salaried Individuals

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 […]...

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Tax on Interest Received From Post Office Savings Bank Account

Interest earned on Post Office Savings Bank Account is presently exempt under section 10(15)(i) of the Act, vide notification no. G.S.R. 607(E) dated 9 June 1989. The said notification is amended to provide that such interest from Post Office Savings Bank Account will be exempt as follows: - Rs. 3,500 in case of individual accou...

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