Read about Sec 80E, Deduction for ineterst paid on education loan for 8 years. Read for eligibility, no limit, loan period, purpose, benefit, and much more
After announcement of total rebate upto Rs 5 lakhs in the interim budget it is expected that Finance Minister, Nirmala Sitharaman will announce reliefs in income tax exemptions limits and much more in the upcoming union budget on 5 July. Read More..
Finance Minister Nirmala Sitharaman presents budget 2019 on 5th July 2019. Read the Key Highlights, Tax Rebates, Relief to MSMEs and major policies introduced.
Budget 2019 Standard deduction limit increased from 40,000(FY 2018-19) to 50,000(FY 2019-20) for salaried individuals. What is standard Deduction? How tax saving increased?
For the income tax purposes Individuals who are aged 60 years and above but below 80 years are called senior citizens. Further, Individuals who are aged 80 years and above are called super senior citizens.
Deduction under Section 80DDB can be levied for several sections of the society, including senior citizens and citizens inflicted by certain types of diseases.
Section 80CCD allows deductions from your taxable income if you invest in the National Pension Scheme or the Atal Pension Yojana scheme.
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 139 of Income Tax Act: It provides the complete guidelines to deal with late filings of the return. Read more about section 139(1 ) and what is section 139(2) of income tax act
