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.
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.
The tax audit is conducted to ensure that the taxpayer has provided complete and true information regarding his income, deductions and taxes.
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
