Deduction 80G: How You Can Get Benefit to Save Tax

The IT Department of India has maintained various provisions for common men to reduce their tax liabilities for the A.Y. 2017-18 through deduction under Section 80. This section is further divided into sub-sections which offers different scopes of claiming deductions. In this article, we will be discussing about deduction 80G and how to avail benefits from … Read more

Deduction 80E: Interest on Loan Taken for Higher Education

In this article, we will discuss about deduction under section 80E for interest on loan taken for higher education. The complete overview of 80E deduction like who can get get deduction of Section 80E, what is deduction 80E, eligibility and other important information. You may have been wondering how people these days reduce their tax … Read more

Deduction 80D: Complete Detail (Updated) A.Y.2017-18 & 2018-19

The person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions given below. We will discuss here the complete detail about deduction under section 80D for the A.Y. 2017-18 and A.Y. 2018-19. Who can claim deduction 80D? … Read more

LIC Tax Deductions & Benefits [A.Y. 2018-19 & A.Y. 2017-18]

The first thing comes in our mind is LIC (Life Insurance Premium)or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC or … Read more

Deduction u/s 80C A.Y.2017-18 & A.Y.2018-19

We will cover here the complete detail about deduction under section 80C for A.Y.2018-19/A.Y.2017-18/A.Y.2016-17. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions comes under Chapter VI-A … Read more

Tax Benefits on Tuition Fees, School Fees & Education Allowances

Education is most necessary part of one’s life, so to promote education, govt allows for Income Tax Deduction. It helps to increase literacy rate in developing country like India. There are three types of tax benefits on Children Education Allowance, Tuition fees payment & School fees Payment. Deduction under section 80C for School/College Fee Payment … Read more

Section 24 Deductions From House Property Income

The rent received from any property is the income under head House property under section 22 of the income tax act,1962. Income under house property can be in any of the following ways: Rental income from let out of property Annual value of property which is deemed* to be let out for income tax purposes … Read more

Bank Term Deposit Scheme: Tax Benefits & Application Procedure

This bank deposit scheme is popularly known as Bank Term Deposit scheme, 2006, which came into force on the date of submission of the official gadget. Under bank deposit scheme, the term “assessee” means, any individual or a Hindu undivided family; Act refers to the income tax Act, 1961 and form means any form prescribed … Read more

Income Tax Deduction From Gross Total Income

Under Chapter VI-A, there are some deduction provided by Income tax from Section 80C to 80U. These deductions are allowed from the gross total income. These deductions are very important to determine net tax liability. So if you are tax cautions, then you must consider these deductions important to reduce your tax liability. The aggregate … Read more

Deduction 80GG: Deduction in Respect of Rent Paid

As a tax payer, there are often certain situations where miss out to claim a deduction. Section 80GG is one of those areas where most of the tax payers fail to realize that a hidden deduction can be claimed. So, without any further delay, let’s see what Section 80GG is all about! What is Section … Read more

Deduction 80DDB: Deduction in Respect of Medical Treatment

This year when you file your returns, make sure that you are availing maximum benefits which has been offered by the IT Department of India. In this article, we will be discussing the range of deductions which a tax payer can get under Section 80DDB. So, let’s get started! What is Section 80DDB? Before you … Read more

Income From House Property: Deductions & Tax Planning

Income from house property is taxable in the hands of its owner. We will talk here about the deduction and income calculation from let-out property and self occupied property.  Deduction from Let-out (or deemed to be let-out) Property Standard Deduction: The total deduction is available is 30% of the net annual value of the property. Interest … Read more

Total Deduction Allowed u/s 80C, 80CCC and 80CCD (A.Y.2015-16)

The most common questions asked by every readers of LessMyTax that how much deduction is allowed in aggregate under section 80C, 80CCC and 80CCD? It is common because every year the limit has been changed. So there may be confusion in the mind of the people. These deductions are not allowable against any income by … Read more