Section 80CCC, Income Tax Act, 1961 allows taxpayers to claim deductions in tax for making contributions towards pension funds.
As per section 80TTB, any senior citizen as a resident individual in India can claim a deduction of up to Rs 50,000 from the interest income earned during the concerned financial year.
The option of the presumptive scheme has always been an interesting as well as a confusing issue among the taxpayers. Here is description about Presumptive Income.
As per Section 80GGB, any Indian company or enterprise that donates to a political party or an electoral trust registered in India can claim a deduction for the amount contributed by it.
Under Section 80GGA of the Income Tax Act it is stated that the deductions are allowed for the donations that are made towards rural development and scientific research.
Post Office Fixed Deposit is an investment that can be deposited in post office to earn interest. The time period for these fixed deposits are one year, two years, three years and five years.
Income tax deductions under Section 80CCD (1B) under Income Tax Act. Learn about National Pension Scheme (NPS) - benefits, types of NPS accounts & tax saving provisions
What is Section 80U deduction under Income Tax Act? Learn about the disabilities covered under the Section 80U & amount of deductions available under 80U.
As per Rebate u/s 87A provides exemption, if an individual’s taxable income is upto Rs. 5 lakhs then he will get the tax benefit of Rs. 12,500 or the amount of tax whichever is lower.
Do you know about the deductions in respect of profits and gains from industrial undertakings? Learn about section 80 - IA & applicable deduction amount.
