Income Tax Deductions

section 80ccc-Pension

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

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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-80D

Section 80D: Deduction for Medical Insurance: Budget 2015

Budget 2015 Update: The Deduction allowed under Section 80D is Rs. 15,000 and Rs. 20,000 (for Senior Citizens). Keeping into account the rising cost of Medical Expenses, Budget 2015 has… Read More

Section 80CCD-NPS

Section 80CCD: Deduction for NPS Contribution: Budget 2015

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

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Income Tax Slab Rates for 2014-15 & 2015-16 in India

Budget 2015 Update: Finance Minister Arun Jaitley announced the Budget 2015 on 28th Feb and announced that an individual taxpayer can now claim exemption from Income Tax for Income upto… Read More

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

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… Read More

tax on sale of shares

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year… Read More

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Section 80C: Deduction for Children School/Education Fee

To promote education in India, the govt allows for Income Tax Deduction under Section 80C & Section 80E. Deduction under Section 80C is allowed for payments made by self and… Read More

Rajiv Gandhi Equity Saving Scheme

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

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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

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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

tax-on-sale-of-property

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

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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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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… Read More

income-tax-rebate

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… Read More

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