Section 80U of Income Tax Act

Overview Under section 80U, a person can claim a tax deduction if he/she is suffering from a disability or severe disability. This section provides tax benefits to an individual and their family members to a person certified as a person with a disability by an authorized medical authority. Read on tax exemptions from filing income tax returns. All the individuals [...]

Some do’s and dont’s while giving/taking cash

Overview Cash transactions, which were free for everyone (sometimes free to be exploited) are now in check. There's a threshold limit to the transactions and the law would penalize who breaks it. The penalty is very heavy and could be up to 100% of the transaction. This initiative was carried out to curb black money transactions in the nation. The [...]

Section 80TTA

What is Section 80TTA? This Section was launched under the Finance Bill of 2013 and shifts appropriately from the Financial Year of 2012-13 onward. The Income Tax Act under Section 80TTA enables you to declare deductions on savings accounts deposits. The section offers a decrease of the amount on savings account interest up to Rs 10,000 every year. It refers to [...]

By | April 3rd, 2019|Categories: Deductions|Tags: , , , , , , , , |Comments Off on Section 80TTA

How to save Income-Tax under 80GG?

Section 80GG of the Income Tax Act allows claiming of the tax deduction for the house rent paid for accommodation. Not all salaried people are able to stay in their own place. Either due to work being located in distant locations, affordability, or many other problems, personal or otherwise. To ease up their problems, the Government offers Deduction under House [...]

Tax Slab for FY 2018-19 (AY 2019-20) : Income Tax Rates The Interim Budget released redefined the income tax slab rates for individuals . Here's a brief overview of the same

 Income Tax Slab Rates: Highlights of 2019 Budget Tax Rebate  to individuals who are in ₹ 5lakh income tax slab rate Increase in the standard deduction, tax saving of ₹13,520 for 5 lakh bracket Please Note: This is applicable for the new Finacial Year 2019-20 The following article discusses the tax slab rates for the financial year 2018-19 in which, [...]

By | February 9th, 2019|Categories: IT Notices|Tags: , , , , , , , , , |Comments Off on Tax Slab for FY 2018-19 (AY 2019-20) : Income Tax Rates The Interim Budget released redefined the income tax slab rates for individuals . Here's a brief overview of the same