Income Tax Deductions articles

New Pension Scheme- Deduction under Section 80CCD

NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other pers...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]...

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Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax deduction of Rs 1.5 lakh for investment in five-year bank/post office deposits, contribution to Public Provident Fund, Employees’ Provident Fund, life insurance pre...

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Summary of Slab & Deductions under Income Tax AY 2020-21

IN THE PREVIOUS ARTICLE , I HAVE LISTED OUT ALL MAJOR DEDUCTIONS FOR AY 2019-20. After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax which will be applicable from 1-4-2020 i.e for AY 20-21 RETURN FILLING. This chart of Deductions & Slab rates will help you to plan […]...

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Summary of Slab & Deductions under Income Tax AY 2019-20

This chart of Deductions & Slab rates will help you to plan your Income & Investments for Financial Year 2018-2019 / Assessment Year 2019-2020 and help you to minimize your Tax before March 2019. List of All popular deductions with latest limits applicable to coming Income tax return filling season i.e for AY 2019-20. Please [&hel...

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Affordable Housing in India and Section 80-IAB

The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IAB which allowed 100% deduction on profits generated by developer or builder of affordable housing project....

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Tax benefits available for home loans

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligible items like Public Provident Fund, Employee Provident Fund, life insurance premium, National Saving Certificates Equity Linked Saving Scheme etc. ...

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Tax Deductions – A Quick Summary

Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […...

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