Detailed analysis of section 80TTA of The Income Tax
Section 80TTA of Income Tax Act – All about Claiming Deduction on Interest Your savings bank interest is taxable! We all have a savings bank account but most of us are not aware that the interest received is taxable under the head ‘Income from other sources. However, you can save…
Section 80G & 80GGA – Donations Eligible Under Section 80G and 80GGA
Section 80G of the Indian Income Tax Act allows a tax deduction for contributions to certain relief funds and charitable institutions. Thus, you can claim tax deductions in Section 80G apart from Section 80C and save maximum taxes. Eligibility to Claim Deduction Under Section 80G The following taxpayer can claim a…
Deduction under Section 80DD-Eligibility, Limit & Deductions.
Deduction under Section 80DD of the income tax act is allowed to Resident Individuals or HUFs for a dependent-who is differently-abled and is wholly dependent on the individual (or HUF) for support & maintenance. Conditions to Avail of Section 80DD Deduction Below are the conditions you must meet to avail this deduction – What is the…
Section 80D of Income Tax Act
Deductions Under Medical Insurance, Limit, Eligibility and Policies Under section 80D, deduction can be claimed on medical insurance premium paid by the tax payer up to Rs. 1 lakh. Deduction can be claimed for self, spouse, dependent children and parents. Up to Rs. 25,000 of insurance premium paid can be…
Tax saving investments u/s80C, 80CCC, 80CCD & 80D.
Income Tax Deductions List – Deductions on Section 80C, 80CCC, 80CCD & 80D – who is eligible to claim Section 80C of the Income Tax Act provides deductions on specific expenditures and investments from income tax. By investing in options like PPF, NSC, ELSS, SSY, etc., you can claim deductions…
