Income Tax Deductions

Section 80G: Income Tax Deductions for Donations

Section 80G: Income Tax Deductions for Donations

To promote the concept of charity towards the poor and the needy, the Indian government has been regularly encouraging people to donate and this donation can also be claimed as a deduction under Section 80G. There are several government organisations as well as NGO’s which work for the upliftment of the poor and you can make donations to these specified ...

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Tax Planning: How to Save Tax legally in 8 different ways

Tax Planning: How to Save Tax legally in 8 different ways

The Indian Income Tax Act allows for certain deductions which can be claimed to save tax at the time of filing of Income Tax Return by all classes of Taxpayers (i.e. Salaried Individuals, Professionals, businessman etc). These deductions which help in saving tax are only available if the taxpayer has done proper tax planning during the year. If an Individual ...

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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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Tax on Interest on Savings Account under Section 80TTA

Tax on Interest on Savings Account under Section 80TTA

We all have a tendency of checking the amount of Interest on Savings Account earned during the year, but do we know the manner in which this Interest is computed and the Tax on Interest on Savings Account that would be liable to be paid. Through this article, we’ll try to give you some insights about such points and tax ...

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Advance Tax Payment: Due Dates and Interest on Late Payment

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in instalments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” ...

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Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs Rates for Financial Year 2012-13 i.e. A/Y 2013-14 as announced in the Union Budget 2012 by the Finance Minister Pranab Mukherjee can be divided into 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 years of Age ...

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Section 80D: Tax Deduction for Payment of Medical Insurance Premium

Section 80D: Tax Deduction for Payment of Medical Insurance Premium

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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