Income Tax Deductions

Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different […]

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Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs Rates for Financial Year 2013-14 i.e. A/Y 2014-15 and Financial Year 2014-15 i.e. Assessment Year 2015-16 are the same. The Income Tax Slab can be divided in the following categories:- A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 […]

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Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Income Tax Rebate under Section 87A was introduced by P. Chidambaram while presenting Budget 2013 and this Income Tax Rebate is applicable from Financial Year 2013-14, or in other words from Assessment year 2014-15. P. Chidambaram while announcing the Budget 2013 introduced an Income Tax Rebate of Rs. 2,000 for people earning income below Rs. 5 Lakh. It is important to […]

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Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB provides for Income Tax Deduction under Chapter VI-A for payment of medical treatment of a person suffering from a specified disease. The deduction under Section 80DDB is allowed only to Individual and HUF’s. Moreover, this deduction is only allowed to those Individuals and HUF’s which are resident in India for that year. (Recommended Read: Residential Status for the […]

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Section 80CCD(1) & 80CCD(2): Deduction for Contribution to NPS

Section 80CCD(1) & 80CCD(2): Deduction for Contribution to NPS

Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be claimed at the time of filing of the income tax return. This article mainly focuses on Deductions allowed under Section 80CCD. For deductions under Section 80C & Section 80CCC, refer […]

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Section 80CCC: Tax Deduction for Contribution to Pension Funds

Section 80CCC: Tax Deduction for Contribution to Pension Funds

Section 80CCC was introduced so as to encourage taxpayers to invest in Pension Funds and secure their future. 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 year in which the contribution is being made. Section 80CCC does not limit itself only to […]

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Section 80GG: Deduction for Rent Paid

Section 80GG: Deduction for Rent Paid

Section 80GG provides for Deductions for House Rent paid, provided that a deduction for payment of House Rent has not been claimed under any other section of the income tax act. In other words, if a salaried employee is being given house rent allowance by his employer and he is claiming a deduction from the same, he won’t be eligible […]

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Section 80DD & Section 80U: Deduction for Disability

Section 80DD & Section 80U: Deduction for Disability

Section 80DD & Section 80U deal with income tax deductions for individuals and their family members with disabilities. Deduction under Section 80U is provided in case the individual is himself disabled and Deduction under Section 80DD is provided in case any of the dependent family members of the individual is disabled. Section 80U and Section 80DD can be claimed over […]

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Section 80D: Deduction for Medical Insurance & Health Check-up

Section 80D: Deduction for Medical Insurance & Health Check-up

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the deduction of Rs. 1,00,000 under Sec. 80C. Recommended Read: How to Save Tax legally in 8 different ways through Tax […]

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Difference b/w Income Tax Rebate Vs Tax Deduction Vs Tax Exemption

Difference b/w Income Tax Rebate Vs Tax Deduction Vs Tax Exemption

A common man is most of the times confused between the terms – Income Tax Rebate, Income Tax Deduction and Income Tax Exemption and ends up using them interchangeably. Although, all these terms are beneficial to the taxpayer and reduce their tax burden, the meaning and treatment of all these terms is different and is explained in this article. Before […]

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