Income Tax Deductions

income-tax-slabs

Income Tax Slab Rate in India for FY 13-14 & 14-15

Income Tax Slab Rates for Financial Year 2014-15 have been amended by the Budget 2014. The basic exemption limit has been increased from Rs 2 Lakh to Rs. 2.5 Lakh and… Read More

tax-home-loan

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

Budget 2014 Update: Tax Benefits for Home Loan under Section 24 & Section 80C Income Tax Deduction for Interest allowed under Section 24 has been increased from Rs 1.5Lakh  to… Read More

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

To promote the Retail Investor to invest in Shares and Mutual Funds, the Govt has introduced the Rajiv Gandhi Equity Saving Scheme (RGESS) which allows a deduction under Section 80CCG… Read More

11 useful Income Tax Deductions for 2014-15

The Income Tax Act provides for various income tax deductions which can be claimed at the time of filing of income tax returns. The total taxable income (after reducing the… Read More

Section 80GGA: Deduction for Donation for Research/ Development

Deduction under Section 80GGA is an Income Tax Deduction for Donations made for Scientific Research or Rural Development. The whole amount given as donation to the institutions specified under Section… Read More

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More

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