Deduction Under Section 80C Of Income Tax Act Individuals and corporations pay income tax, which is a sort of tax levied by the national govt on income received within a fiscal year. Taxes are one of the government’s main sources of revenue. This money is used by the government to build infrastructure, provide healthcare, educate …
Deductions under Section 80D can be claimed in respect of medical insurance premiums. This is different in the case of Individuals and Hindu Undivided Families. Section 80D deductions in case of an Individual Deduction in respect of insurance premium paid for family A deduction to the extent of Rs. 25,000 is allowed in respect of …
What is a House Property? A house property means a building or buildings with lands connected thereto. It includes any superstructure that is capable of getting occupied, and the building must be the most prominent part of the said property comprising of land and building. A house property under the Income Tax Act includes flats, …
House Property deductions under Section 24B of the Income Tax Act Read More »
Deductions under section 80CCC are in respect to the contribution to certain pension funds. It is for the contributions made by a person towards specified pension funds that are offered by life insurance. This deduction is kept under the limit of section 80C. Section 80CCC is a section in the Income Tax Act that provides …
What are tax deductions? Tax deductions are not exempt incomes. They are included in the computation of the gross total income and are used for the computation process. Income tax deductions are contained in the Chapter VI-A of the Income Tax Act. They are deducted from the gross total income. In case there is no …
Various Tax Deductions Under The Income Tax Act, 1961 Read More »
What is Tax Planning? Tax planning is the financial planning to reduce one’s tax liability. It involves optimally utilizing tax exemptions, rebates, and other sorts of deductions as much as possible. It is different from tax evasion and tax planning has to be done carefully without misusing the tax provisions. It includes taking up a …
