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…
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 eyes of a consumer. A trademark is a visual symbol,…
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 termed as a registered capital or nominal capital of 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…
Section 80CCD of the Income Tax Act, 1961 allows Income Tax deductions towards the notified pension schemes from the Central Government that is also known as New Pension scheme(NPS). Income Tax Act, 1961 provides various tax deductions under Chapter VI-A…
Section 80C is an income tax deduction which helps to reduce tax under the Income Tax Act, 1961. Section 80C of the Income Tax Act is the most popular tool used for tax-saving by individuals. Eligibility Criteria: Section 80C is…
In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. There…