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, all these terms are beneficial to the taxpayer and reduce...
Tax Saving Mutual Funds: Should you be investing in them? Read More
Section 80C allows for deductions for investments in specified instruments and investing in Tax Saving Mutual Funds is one such specified instrument which can be claimed as a deduction under Section 80C at the time of filing of income tax...
7 Effective Ways of earning Tax Free Income in 2018-19 Read More
Tax is payable on all incomes earned in India by an Indian resident. However, there are some exceptions to this rule and some incomes have been specifically exempted from tax. Such income is referred to as Tax Free Income and...
Section 80G: Income Tax Deductions for Donations in 2023 Read More
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...
Section 80E: Income Tax Deduction for Education Loan Read More
As per the Income Tax Act, a taxpayer is allowed to claim deduction under Chapter VI-A for the Repayment of Education Loan (Section 80E) and for the Repayment of Home Loan. However, the deduction allowed for both these loans is...
Deduction under Section 80TTA :Tax on Interest on Savings Account Read More
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...