Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Discover tax-saving opportunities with Section 80D for health insurance premiums and Section 80TTA/80TTB for bank interest. Ensure...
Income Tax : Avoid common mistakes while filing your ITR. Select the correct form, match income with Form 16 and Form 26AS, disclose necessary ...
Income Tax : Discover key deductions under Chapter VIA of the Income Tax Act, 1961, including Section 80C, 80D, and 80G. Learn how to optimize ...
Income Tax : Karnataka High Court directs the Government to address petitioner's representation on Section 80TTA limit by Jan 31. Analysis of R...
Income Tax : In the case of Talshibhai B Narola vs. ITO, ITAT Ahmedabad ruled that income from nursery activities growing lawns, flower plants,...
Income Tax : ITAT Delhi held that held that benefit of indexed cost of acquisition should be available to assessee based on payments made. Acco...
Income Tax : In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently n...
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 […]
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 […]
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, […]
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 […]
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 account – Rs. 7,000 in case of joint account
Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an employee from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a deduction amounting to : (i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and (ii) in any other case, ten thousand rupees.
Extract of Section – 80TTA – Deduction in respect of interest on deposits in savings account 80TTA. (1) Where the gross total income of an assessee (other than the assessee referred to in section 80TTB), being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time […]
