Tag: Income Tax Deductions

post-2 Types of Standard Deduction in Income Tax for 2022
2 Types of Standard Deduction in Income Tax for 2022

A Standard Deduction is basically a deduction allowed in Income Tax irrespective of the expense incurred or the investment made by the Individual. No Disclosures/ Investment Proofs/ Expense Bills are required for this type of Income Tax Standard Deduction as...

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post-How to avail Max Home Loan Tax Benefit in India in 2022?
How to avail Max Home Loan Tax Benefit in India in 2022?

The maximum benefit of Home Loan which can be claimed as a Deduction in India is as follows:- Section Deduction allowed Allowed for Section 24 Rs. 2,00,000 Interest repayment Section 80C Rs. 1,50,000 Principal repayment Section 80EEA Rs. 1,50,000 Interest...

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post-Tax Saving Fixed Deposit: Should you opt for it?
Tax Saving Fixed Deposit: Should you opt for it?

To give a boost to the declining interest in fixed deposits of retail investors, the Finance Ministry in the year 2006 announced that all Fixed Deposits with a maturity of not less than 5 years shall be eligible for deduction...

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Tax Deduction for Interest paid on Car Loan

The Interest paid on some types of Loans is allowed to be claimed as an Expense under the Income Tax Act. However, all types of interests are not allowed to be claimed as an expense. The most common reasons for...

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post-Section 44AD & 44ADA: Presumptive Taxation in 2022
Section 44AD & 44ADA: Presumptive Taxation in 2022

To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with. Under the scheme of Presumptive Taxation, the small taxpayers are not required to...

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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 itself rather than paying this tax at the end of...

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Income Tax Slab Rates for 2018-19 & 2019-20 in India – Updated

Budget 2019 Update: There is no change in the Income Tax Slabs for the Financial Year 2019-20 and the Income Tax Slabs which were applicable for Financial Year 2018-19 would continue to be applicable. The only difference is that the...

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Tax Planning: Top 7 ways to save Tax legally in 2018-19

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...

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Tax Benefit for Life Insurance Premium and Maturity Amt

Life Insurance Premium is a premium which is paid by a person for insuring the life of the person insured. In case any mis-happening happens to the life of the person insured, the life insurance company gives an amount for...

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11 useful Income Tax Deductions for 2018-19

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...

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