Section 80TTA

By |2020-03-16T10:33:51+00:00April 3rd, 2019|Categories: Deductions|Tags: , , , , , , , , |

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 [...]

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How to save Income-Tax under 80GG?

By |2019-04-02T05:15:46+00:00March 27th, 2019|Categories: Deductions, ITR Filing, Save Income Tax|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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 [...]

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Section 80G: Deduction for Donations

By |2021-07-02T07:37:01+00:00July 6th, 2017|Categories: Deductions, ITR Filing, Save Income Tax|

Introduction Income Tax Act, Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. This section offers tax deductions on donations made to certain funds or charities. An amount donated by an individual to an eligible charity can be claimed as a tax deduction while filing an income [...]

Section 80D: Deduction for Medical Insurance & Health Checkup

By |2021-06-30T11:58:22+00:00July 6th, 2017|Categories: Deductions|

Introduction Section 80D involves the deductions which are related to Medical Insurance Premium paid to keep in force insurance by an individual either for his own health or spouse, dependent parents and children or HUF on the health of any members of the family. A Medi-claim policy is a must because should you fall sick or [...]

80C Deductions

By |2021-06-30T10:01:36+00:00July 4th, 2017|Categories: Deductions, ITR Filing|

Introduction Section 80C Deductions of the Income Tax Act 1961 lowers the tax liability of a person against his taxable income as certain deductions are allowed. Tax deductions are offered to the taxpayer to save tax by investing in welfare schemes. The amount varies with the type of deduction a person is claiming. Tax deduction limit [...]

Deduction from Total Income

By |2021-06-30T10:16:11+00:00June 30th, 2017|Categories: Deductions, ITR Filing|

Introduction A deduction from total income is allowed to be deducted from the total income while calculating the Income Tax to be paid by the Assessee because economies with high inflation rates like in India, People’s savings are necessary to sustain the optimum level of demand which helps to boost manufacturing, services, and jobs in the [...]