Section 80C Deduction – Income Tax Act

Section 80C Deduction - Income Tax Act Section 80C deduction is one of the most popular income tax deduction amongst tax filers in India. Under section 80C, taxpayers can claim income tax deduction for a variety of things like premiums for…

Section 80E Deduction

Section 80E - Income Tax Deduction for Education Loan Section 80E deduction under the Income Tax Act provides tax deduction for educational loans. The income tax deduction can be claimed on educational loans availed for higher studies of the spouse…

Section 80G Deduction – Income Tax Act

Section 80G Deduction - Income Tax Act Section 80G deduction under Income Tax Act is available for contributions made to certain relief funds and charitable institutions. All charitable donations are not eligible for deduction under section 80G. Only donations made…

Section 80QQB Deduction of Income Tax Act

Section 80QQB Deduction of Income Tax Act Section 80QQB permits tax deductions on royalty earned from the sale of books. Only resident Indian authors are eligible to claim deduction under section 80QQB, with a maximum limit of Rs.3 lakhs. Royalty…

Section 80U – Income Tax Deduction

Section 80U - Income Tax Deduction Section 80U and 80DDB of the Income Tax Act provide tax benefits to individuals and their family members with disabilities. An individual suffering from disability himself gets tax benefit under section 80U while an…

Section 80D Deduction – Income Tax

Section 80D Deduction - Income Tax Section 80D Deduction of Income Tax reduces tax burden of individuals by allowing a claim of deduction of upto Rs. 25,000 per year for medical insurance premium. Section 80D Deduction can be claimed on eligible…

Rule 114B and Form 60 Filing for Income Tax

Rule 114B and Form 60 Filing for Income Tax Rule 114B of the Income Tax Rules, 1962 (the Rules) require mandatory quoting of PAN in respect of certain transactions for capturing information pertaining to high value transaction and curbing black money circulation.…

Section 80 RRB Deduction for Patent Royalty

Section 80 RRB Deduction for Patent Royalty Section 80 RRB deduction is provided for taxpayers having income through royalty on a patent. The royalty received by an individual on his/her patent is eligible for tax deductions under Section 80 RRB…

Declared Services under Finance Act

Declared Services under Finance Act The phrase "Declared Services" is defined by Section 66 E (the definition includes 10 services given below) of the Finance Act as. Declared services are taxable services that have been specifically included in "service" to remove…

Section 80DDB Deduction – Tax Deduction for Specified Diseases

Section 80DDB Deduction – Tax Deduction for Specified Diseases For certain specific diseases, Income Tax Department offers tax deduction to individuals and HUFs under Section 80DDB on the basis of expenses incurred by him for the treatment of such diseases or ailment.…