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...
Section 80DDB: Deduction for Treatment of Specified Disease Read More
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...
Section 80D: Deduction for Medical Insurance & Health Checkup Read More
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...
Section 80CCD: Deduction for NPS Contribution (Updated) Read More
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...
Section 80C: Deduction for Children School/Education Fee Read More
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 deduction under Section 80E is allowed for Loan taken for...
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS) Read More
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...
Section 80GGA: Deduction for Donation for Research/ Development Read More
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...
Section 87A: Income Tax Rebate allowed to Individuals (Updated) Read More
Income Tax Rebate under Section 87A is allowed as per the following schedule for different Financial Years Financial Year Amount of Rebate Applicable only if Income is less than 2018-19 Rs. 2,500 Rs. 3.5 Lakhs 2019-20 Rs. 12,500 Rs. 5...
Section 80GG: Deduction for Rent Paid increased – Budget 2016 Read More
Budget 2016 Update: The limit has been increased from Rs. 24,000 p.a. to Rs. 60,000 p.a. This Section has been explained below in detail. Section 80GG provides for Deductions for House Rent paid, provided that a deduction for payment of...
Section 80DD & Section 80U: Deduction for Disability Read More
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 disabled and Deduction under Section 80DD is provided in case...