Income Tax Deductions

Budget 2014: Income Tax Slab Rate for FY 13-14 & 14-15

Budget 2014: Income Tax Slab Rate 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 for Senior Citizens from Rs. 2.5 Lakh to Rs. 3 Lakhs. The Income Tax Slab Rates for both Financial Year 2013-14 i.e. A/Y 2014-15 and as well as Financial Year […]

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Tax Benefit on Home Loan: Budget 2014 Update

Tax Benefit on Home Loan: Budget 2014 Update

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 Rs. 2 Lakh for Self Occupied Property. The Total Deduction allowed for Repayment of Interest has been increased from Rs. 1 Lakh to Rs. 1.5 Lakhs as the Maximum Deduction […]

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

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 for Investment in specified equity shares and Mutual Funds. The deduction allowed under Section 80CCG is over and above the Rs. 1,00,000 deduction allowed under Section 80C. These deductions can […]

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11 useful Income Tax Deductions for 2014-15

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 income tax deductions that have been claimed) would be taxed as per the Income tax slab rates of the individual. Recommended Read: Current Income Tax Slab Rates in India Procedure […]

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Section 80GGA: Deduction for Donation for Research/ Development

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 80GGA is allowed as a deduction under Section 80GGA. In other words, 100% of the sum paid to the institutions specified under Section 80GGA is allowed as a deduction from […]

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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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