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…
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…
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…
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…
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”…
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…
What is a Trademark? In simple terms, trademark is essentially a brand name. It represents the goodwill of a brand and its association with particular goods and services in the…
What is Authorised Capital? The authorised capital of a company is the maximum amount of share capital for which shares can be issued by a company. Authorised Capital might also be…
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…
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…