TDS stands for tax deducted at source. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. It is governed under the Income Tax Act, 1961 and managed by…
The Income Tax Act, 1961 provides tax benefits to individuals if either they or any of their family members suffers from certain disabilities. Section 80U offers tax benefits if an individual suffers a disability. Eligibility criteria under Section 80U: A…
In the new budget for the fiscal year 2020-21, Finance Minister introduced the new income tax rate for tax-payers in India. Individuals and Hindu Unified Families (HUF) have the option to pay tax as per the new regime In this new…
80GG allows the individuals to claim a deduction in respect of house rent paid. 80GG is a deduction under Chapter VI-A of the Income Tax Act, 1961. It has been introduced to provide relief to those individuals who do not receive any…
Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. To encourage people to donate, the government also allows for income tax deductions under Section 80G for the amount which has been…
Section 80EE of the Income Tax Act, 1961 provides benefits for tax deductions on the interest paid on home loans. Individual taxpayers who have bought a house for the first time and taken a home loan can claim the tax deduction benefit…
Section 80E of the Income Tax Act allows you to avail of tax deductions for loans taken out for higher education. Section 80E covers the deduction on the “interest component” paid on higher education loan from notified financial or charitable…
Income tax Act allows for certain deductions from the gross annual income. Section 80D of the Income Tax Act, 1961 relates to the tax deductions on medical insurance. Section 80D of the Income Tax was introduced in 2018 with the…
Deduction under Income Tax help you save taxes. So, the income tax deduction reduce your gross income (means the income on which, tax has to be paid).Thereby, reducing your tax on your total income. There are a number of deductions…
Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a taxpayer for the financial…