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Income Tax Deductions

Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA

Latest Articles


Deduction in case of New Employment – Section 80JJAA of Income Tax Act

Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...

July 6, 2024 1689 Views 0 comment Print

TDS on Purchase of Property: Section 194IA of Income Tax Act, 1961

Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...

June 21, 2024 4392 Views 0 comment Print

Income Tax Deduction Under Section 80C

Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...

June 12, 2024 5187 Views 0 comment Print

Deduction under section 80JJAA

Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...

May 9, 2024 3198 Views 0 comment Print

Is NPS Investment Under Section 80CCD Worth it for Salaried Individuals/HUFs?

Income Tax : Explore the worthiness of investing in NPS under Section 80CCD deduction for salary individuals/HUFs. Learn about tax benefits, re...

April 16, 2024 1362 Views 0 comment Print


Latest News


Deduction U/s 35AC available only up to previous year ending 31-03-2017

Income Tax : Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be al...

August 19, 2016 14476 Views 9 comments Print

Govt. Plan to phase out deductions under Income-tax Act, 1961

Income Tax : Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stake...

November 26, 2015 4001 Views 0 comment Print

CBDT makes Claiming of medical expenditure for tax purposes easy

Income Tax : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...

October 14, 2015 7231 Views 1 comment Print

RGESS – Period, Income Limit Liberalised, Allowed to Invest in MF

Income Tax :  Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide th...

February 28, 2013 2214 Views 0 comment Print

LIC Jeevan Sugam – New Single premium plan

Finance : LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity ...

February 27, 2013 14100 Views 0 comment Print


Latest Judiciary


Gujarat HC on allowability of expenses incurred for clearing mortgage debts

Income Tax : Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Ful...

July 14, 2024 300 Views 0 comment Print

Section 80P(2)(d) deduction not eligible on Interest Income from KDCC Bank

Income Tax : Read the detailed analysis of Laxminarayana Suvarna Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) on the eligibility of...

June 16, 2024 621 Views 0 comment Print

Assessee entitled to Section 80G Deduction on CSR Expenditure: ITAT Mumbai

Income Tax : Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G d...

June 13, 2024 669 Views 0 comment Print

Section 80M deduction allowed for dividend ‘distributed’ on or before due date

Income Tax : In Purnasons Pvt. Ltd vs. ITO, ITAT Kolkata rules on the allowance of deductions under Section 80M of the Income Tax Act when divi...

June 9, 2024 537 Views 0 comment Print

Section 80-O: Mere Newspaper Cuttings not proves Commercial Expertise sharing  

Income Tax : Bombay HC in Hindustan Export & Import Corporation Private Limited Vs DCIT held that sharing newspaper cuttings alone did not meet...

May 14, 2024 312 Views 0 comment Print


Latest Notifications


NFRA Penalizes CA Rs 50 Lakhs for Misconduct in Section 80JJA Report

Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...

January 3, 2024 51549 Views 0 comment Print

Tax Deduction Relaxation for Ship Lease in IFSC: Income Tax Notification 57/2023

Income Tax : Check out Income Tax Notification 57/2023 issued by the Ministry of Finance, offering tax deduction relaxation for ship lease paym...

August 1, 2023 1449 Views 0 comment Print

Income Tax Circular: Condonation of Delay for Deduction u/s 80P

Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...

July 26, 2023 5538 Views 0 comment Print

CBDT amends Income-tax Rules for Provisional Approval under Section 80G

Income Tax : CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, ...

May 30, 2023 12549 Views 0 comment Print

CBDT allows donations to PM cares fund through form 16

Income Tax : Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee ...

April 9, 2020 8973 Views 0 comment Print


Deduction on children’s education u/s. 80C & 80E

June 27, 2018 295410 Views 94 comments Print

Articles deal with provisions of deduction Under Section 80C on Tuition Fees Paid for children’s education and Under Section 80E on Interest paid on Education loan. The deduction on payments made towards tuition fee can be claimed up to Rs. 1,50,000/- from A.Y. 2015-16, together with deduction in respect of insurance, provident fund and pension.

Deduction U/s. 80U for disabled persons

June 27, 2018 656509 Views 187 comments Print

The Income Tax Act, 1961 provides deduction u/s. 80U in pursuance of which an individual (Indian citizen and foreign national) who is resident of India, and who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 75,000/- and in case of severe disability to the extent of Rs. 125,000/-.

Whats Better- House Rent Allowance or Deduction U/s 80GG?

June 27, 2018 97321 Views 11 comments Print

Employees generally receive a house rent allowance (HRA) as a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay. Exemption on HRA is available under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. Taxpayer would be surprised to see that there is no amount wise upper ceiling on HRA exemption.

Section 80D Deduction for Mediclaim Insurance Premium

June 26, 2018 1154491 Views 192 comments Print

Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens.

Section 80GG Deduction on Rent paid

June 26, 2018 1669229 Views 167 comments Print

Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act; (b) the employee files the declaration in Form No. 10BA.

Section 80E Deduction for Interest on education Loan

June 26, 2018 746339 Views 340 comments Print

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax benefits that you are entitled to. Then here is a guide that will assist you to know tax benefits on education loans. These benefits help you to reduce the overall cost of your education loan.

Section 80C – Investment in Equity Linked Savings Scheme (ELSS)

June 25, 2018 130407 Views 22 comments Print

Shaifaly Girdharwal It is the time of year when most of people invest in various products to claim the deduction under Income Tax Act. Surprising that most of them choose either bank FD’s or PPF as their first priority for Tax saving although from so many years Equity Linked Savings Scheme (ELSS) has emerged as […]

Section 80C – Eligible Investments & Expenses

June 23, 2018 113326 Views 31 comments Print

Deduction Under section 80C for Financial Year 2013-14 / Assessment Year 2014-15 in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.

Section 80C: Life Insurance Premium- Eligible Amount & Deduction

June 23, 2018 1281475 Views 80 comments Print

Life Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y. 2014-15). It a common perception that Premium Paid all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full premium amount qualifies for deduction under section 80C .

Little known schemes u/s. 80C of Income Tax Act

June 23, 2018 157936 Views 56 comments Print

If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Section 80C, one can save upto  Rs 46,800 in taxes.  We runs you through the provisions of Section 80C. However, we highlight those schemes that are little known and which many investors avail of sparingly. Stamp duty and registration […]

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