Tag: Income Tax Deductions

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...

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...

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,...

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...

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....

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...

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...

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...