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.2019-20 & A.Y.2020-21. Who can claim deduction 80D? Individual and … Read more

5 Income Tax Benefits to Own a House (Updated) After Budget 2017

Owning a residential house is a dream of every person. The privilege of owning a house not only gives you the liberty to operate with ultimate freedom with respect to construction and modification, but also lets you have a status symbol. One thing that you would be pleased to hear is that even the Government … Read more

NHAI, REC & Other Notified Bonds for Saving Income Tax

Nowadays every taxpayer is eager to discover avenues whereby he or she can reduce the tax liability. One of the most celebrated ways to reduce tax is to invest in capital gain bonds. Here we will talk about National Highway Authority of India (NHAI) or by the Rural Electrification Corporation Ltd [or any other notified … Read more

Section 44AE: Tax on Income @7500 per Vehicle for Transporters

The IT-Department of India has maintained a special provision for people who are engaged in hiring, plying or leasing goods carriages. Any individual, business or organization who is engaged in renting out goods carriages would be deemed to have an income of INR 7500 per month per vehicle. The section which specifically deals with this … Read more

6 Simple Steps to Reduce Income Tax

After the Budget 2019, the income received by people is made transparent i.e. IT department is aware of the income received as all the transactions are to made through bank or digitally. Nobody wants to pay tax. After the budget 2019, the taxpayers are burdened for taxation. There are some ways through which you can … Read more

Taxable & Non-Taxable Perquisites A.Y.2016-17

Perquisites are benefits earned by employees of a company along with their normally received wages or salaries. They are also called as perks. It is like a gratuity or incidental payment for which the employee has the sole right. These are fringe benefits paid for a genuine reason. They can be either given by the … Read more