All About House Property Income – Deductions | Calculations | Annual Value

House property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming part of the building. But such land is to be distinguished from an open plot of land, which is not charged under this head … Read more

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Deduction 80GG: Deduction for Rent Paid (Updated) A.Y. 2018-19 & 2019-20

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 Deduction … Read more

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Deduction 80G: Deduction Allowed for Donation (Updated) A.Y.2018-19 & 2019-20

The IT Department of India has maintained various provisions for common men to reduce their tax liabilities for the A.Y. 2018-19 & 2019-20 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 … Read more

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Deduction 80E: Interest on Loan for Higher Education (Updated) A.Y. 2018-19 & 2019-20

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

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Deduction 80DDB: Deduction of Medical Treatment (Updated) A.Y. 2018-19 & 2019-20

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 Deduction 80DDB? Before you … Read more

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Deduction 80CCD – National Pension Scheme – All You Wanted to Know

The Income Tax Department of India offers deduction 80CCD to tax payers for making contributions towards National Pension Scheme (NPS). The deduction is availed under Section 80CCD and is available only to individuals. Entities such as a HUF cannot avail deduction 80ccd under this section. Whereas, the individual tax payer may or may not be … Read more

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Deduction U/S 80DD: Medical Treatment of Handicapped Dependents

Deduction in respect of Medical Treatment, etc. and deposit made for maintenance of handicapped dependents  – Deduction under section 80DD As we have discussed earlier about deduction under section 80C, 80D, 80CCC, 80CCD and other deduction. Here, we’ll talk about deduction under section 80DD related to medical treatment etc and deposit made for the maintenance … Read more

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Got a preventive health check-up? Don’t forget to claim tax deduction

Health is one of the most overlooked areas by Indians. People are ready to invest in properties, cars and entertainment, but not on health. Nonetheless, the Department of Income Tax has reserved a small provision for deduction under preventive health check-up. Any tax payer can claim a deduction upto ₹5,000 per assessment year on account … Read more

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7 Situations When You Could Lose Tax Benefits on Your Health Insurance 80D

The Income Tax Department of India has maintained a provision of deduction for taxpayers who invest in health insurance policies.  As per the current scenario, the IT Department allows a deduction of ₹25, 000 for common citizens and ₹30, 000 for senior citizens in every assessment year. However, there are certain prescribed guidelines that tax … Read more

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5 Common Queries on Income Tax Deductions – Check Before Filing ITR!

INCOME TAX DEDUCTION

Q.1) Under which section interest on deposit in case of senior citizens is allowable as deduction?| What is the upper limit/maximum deduction allowed under section 80TTB?| What is the maximum deduction allowable under section 80TTB? Section 80TTB in respect of interest on deposits in case of a senior citizen, has been introduced by Finance Act, … Read more

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LIC Tax Deductions & Benefits

lic deductions

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

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14 Most Common Questions on Set Off and Carry Forward of Losses

14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

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Section 24 Deductions From House Property Income

Deduction from house property section 24

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

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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 … Read more

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

The aggregate amount of deductions u/s 80C, 80CCC and 80CCD (1) is restricted to Rs. 1,50,00 vide Sec. 80CCE. However, deduction u/s 80CCD (1B) ( in respect of deposit by the assessee in the pension scheme upto maximum of Rs.50,000) and u/s 80CCD (2) (in respect of contribution by Central Govt/employer to the pension scheme) … Read more

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Deduction 80D: Complete Detail (Updated) A.Y.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

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Deduction 80C A.Y.2018-19 – Complete Guide

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

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Tax Benefits on Tuition Fees, School Fees & Education Allowances

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

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Most Effective Way to Achieve 1,50,000 u/s 80C Without Any Investment

Every person wants to save tax. So, some of the people try to evade tax, which is wrong on behalf of a responsible citizen of a country. For saving tax the most common and best way is the use of section 80C of the income tax act,1962. Section 80C is the section which provides every … Read more

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