Taxpayers can reap the benefit of tax exemption on capital gains if these are invested in various schemes introduced by the government. The Income Tax (I-T) Act grants total/ partial exemption of capital gains under various schemes. The benefit of…
Tax Exemption on Capital Gains
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Start Tax Saving in April
You should not postpone your tax saving investments till the last few days of the financial year as you might not be unable to claim the tax benefit for the year despite making the investment. Financial Year 2019-20 that began…
ITR Forms now needs more details to file your Tax
The changes have been made regarding disclosure of information and computation of income, among other things, and change in method to disclose salary income, property-wise disclosure of arrears/unrealised rent, and many more for business owners. Several changes have been made…
6 Best options to avoid last-minute Tax Saving rush
End of the Financial Year just around the corner, some of us would be in a hurry to make last-minute tax-saving investments. However, choosing the right tax-saver with such little time left is not easy. This is because there are…
Tax Deductions – Section 80
Tax Rebate 87A of Income Tax Act Rebate under section 87A of Income Tax Act is obtainable in the form of a deduction from the tax liability. It was first introduced in the Finance Bill of the year 2013 with…
Saving options with EEE Tax Benefit
Most of the tax savings investment schemes come with a mandatory lock-in period and are long-term in nature. People who are looking to invest in risk-free investment options can consider investing in government-backed investment schemes which are unaffected from the…
Tax Rebate 87A of Income Tax Act
Rebate under section 87A of Income Tax Act is obtainable in the form of a deduction from the tax liability. It was first introduced in the Finance Bill of the year 2013 with a view to provide benefits to the…
Section 80EE – Tax Deduction on Home Loan Interest
Section 80EE allows Income Tax benefits on the interest portion of the house property loan availed from any financial institution. The deduction allowed under this section is for the interest paid on a home loan for up to a maximum…
Section 80E – Income Tax Deduction for Education Loan
Section 80E deduction under the Income Tax Act 1961 provides tax deduction for educational loans. The income tax deduction can be claimed on educational loans availed for higher studies of the spouse or children of a taxpayer. Section 80E deduction…
Section 80CCC Pension Plan Tax Deduction
Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. The section provides tax deduction up to a maximum of Rs.1.5 lakh per year on expenses incurred in buying a new policy or…