Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
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 : The Delhi ITAT upheld the addition of deemed house property income after finding that the assessee failed to support his claims wi...
Income Tax : The dispute concerned restriction of leave encashment exemption to ₹3 lakh. The Tribunal allowed the full claim after applying t...
Income Tax : The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking chann...
Income Tax : The Tribunal examined whether foreign assignment salary credited in India is taxable. It held that salary for services rendered ou...
Income Tax : The Tribunal held that addition cannot be sustained merely on the basis of an uncorroborated statement recorded from another perso...
Income Tax : In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently n...
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 […]
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 […]
You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA
Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]
General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D – Medical Insurance, Section 80DD – Maintenance […]
Based on my interaction with most of the salaried people, I have gathered an impression that many of the salaried people feel that as the tax has already been deducted by their employer from their salary, they are not required to file any ITR. Likewise most of the retired people, who mainly survive on interest […]
In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 8OTTB is provided as under:-
Section 80TTA is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office.
The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details.
Discover 27 expert tips to save income tax in India for salaried and business persons. Learn how to legally reduce your tax liability and maximize your savings.
