Income Tax : The provisions detail deductions for investments, insurance, pension contributions, home loans, medical expenses, charitable donat...
Income Tax : Learn how income from a spouse, minor child, or HUF is clubbed under Section 64 of the Income Tax Act, affecting tax liabilities. ...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
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 : Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed fo...
Income Tax : Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the...
Income Tax : Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be ...
The provisions detail deductions for investments, insurance, pension contributions, home loans, medical expenses, charitable donations, and business expenditures. The key takeaway is that proper tax planning and compliance can significantly enhance available tax benefits.
Learn how income from a spouse, minor child, or HUF is clubbed under Section 64 of the Income Tax Act, affecting tax liabilities. Key rules and exceptions explained.
Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your tax benefits today.
The Income Tax Act’s Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most important parts. Since its enactment, Section 80 has undergone multiple amendments and additions.
Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed for seamless filing. Get expert insights.
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]
Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Understand the definition of disabilities certified by medical authorities, tax exemptions based on income and treatment expenses, exemption limits, and other benefits such as relief from tuition fees and allowances. Be aware of the time limit for filing tax returns under Section 80U and ensure compliance with the Income Tax Act. Empower individuals with disabilities to navigate tax benefits and enhance financial well-being.
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 […]
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, […]
