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...
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...
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...
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...
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...
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...
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...