Income Tax Deductions - Page 5

Taxability of Leave Travel Allowance (LTA) – Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want t...

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Section 80EE Income Tax Benefit on Home Loan Interest

Income Tax Benefit on Home Loan Interest under Section 80EE Of Income Tax Act relating to the additional deduction in respect of interest on loan taken for residential house property....

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House Rent Allowance – A Tax planning tool for Salaried

Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular :08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum...

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Tax & Loan Eligibility benefits from Home loan in Joint Names

Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vac...

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Analysis on cross connection between Sec. 80EE and Sec. 24(b)

Finance Act, 2013 with a view to provide additional benefit towards interest paid by assessee against housing loan inserted a new section of deduction i.e Section 80EE w.e.f. 01.04.2014.However Certain amendment to this section was made via Finance Act 2017, i.e, Deduction in respect of interest on loan taken for residential house propert...

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Deduction we use to forget while computing taxable income

Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will...

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB)...

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Deduction under section 80DDB with FAQ

Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the ag...

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Section 80E- Education Loan– The Mantra to Save Tax

The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the en...

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Section 80D Deduction – For health insurance premium paid, etc.

Deduction in respect of for health insurance premia paid, etc. Under Section 80D of the Income Tax Act, 1961 - Aggregate allowable is Rs. 15,000/{For Senior Citizens it is Rs. 20000/-}....

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