Section 80TTA of the Income Tax Act 1961 is the section which grants deductions on interest for savings account for up to Rs.10,000/-.
Section 80GGC specifies the deduction of the Income Tax Act which is allowed from the total gross income of an individual assessee for the contributions made to a political party or an electoral trust.
Section 80DD is the deduction for the medical maintenance of a dependant, who is a person with a major disability. The assessee should be an individual or a Hindu Undivided Family (HUF) who should be a resident of India.
Discover how Section 80EE can help you save on income tax by providing deductions on the interest paid on your home loan. Learn the eligibility criteria and benefits of this tax-saving provision.
Under the Income Tax Act, non-profit entities such as charitable trusts, religious organizations, NGOs registered under Section 12A are eligible to claim full exemption from income tax.
As per Section 10(14) of the 1961 Income Tax Act, special allowances are given to salaried individuals for covering the educational as well as hostel expenses of their children.
Section 80QQB of income tax act 1961, states provisions related to Royalty Income. This section includes deductions for royalty income of authors.
Under Section 80RRB, deduction is given to taxpayers for income from royalty on a patent. The assessee is eligible to claim deductions under section 80RRB.
Section 80CCG was introduced in the Finance Act, 2012 and was part of the Income Tax Act. The other name of this section is the Rajiv Gandhi Equity Savings Scheme (RGESS).
To give relief to small or medium sized taxpayers, the income tax act incorporated scheme of presumptive taxation. Under this scheme of section 44AD the individuals who are running a business are not required to maintain books of account regularly.
