Income Tax Deductions - Page 2

Section 80P Deduction – Co-operative Societies – Analysis & Case Laws

80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee....

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Income Tax Deductions under section 80C to 80U

Deductions are the exemptions on the amount taxable as per Income Tax Act. They are the Investments made by the persons for them, their Family & their parents. Article explains Income Tax Deduction Available to Individual and HUF under Section 80C, Section 80CCG, Section 80D, Section 80DD, Section 80DDB, Section 80E,Section 80EE, Sect...

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House Rent Allowance – Income Tax provisions

In this article I have discussed provisions regarding exemption from House Rent Allowance - As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance is based upon the following – 1) An amount equal to 50 per cent of the salary, where the residential house is situated at Bombay, Kolkata, Delhi or Chennai, and a...

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House Rent Allowance (HRA) Vs. Rent Free Accommodations

In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of the methods Income tax act and Rules employs for valuation of taxability of H.R.A and Rent Free Accommodations (R.F.A.)....

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Income Tax Benefits for Assesses taking Home loan

So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component the same includes home loan interest deduction under section 24, Section...

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Tax Benefits for Differently Able persons in India

Tax benefits to individual who are differently able, Parents who have dependents who are differently able including minor and certain benefits to private sector for providing employment opportunities to differently able...

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Section 80TTA Deduction- Interest on Bank savings deposit

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....

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Income / Profession Tax Benefits for Disabled / Handicapped Persons

Article discusses Benefits under Income Tax and Profession Tax Act Available to Disabled or Handicapped Persons. Income Tax Act Provides Deduction Under Section 80DD, Section 80DDB and Section 80U and also provide indirect tax benefit under section 64 of the Income Tax Act to Disabled / Handicapped Persons. ...

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Simultaneous Claim of Interest on Housing loan & HRA; Interest deduction against Capital Gain

Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing capital ga...

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Income Tax Benefits from House Property and Loan

Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

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