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Section 80TTA Deduction : Interest on Saving A/c [AY 2019-20]

Introduction 80TTA is an income tax deductions provided to Individuals and HUF for interest on savings account up to Rs.10,000/- only. Non Residents are also eligible for this deduction. [Available in AY 2019-20] Saving accounts held in following institutes are covered for the deduction: Ba...


Section 87A: Tax Rebate For AY 2018-19 and AY 2017-18

Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens but it is not available to Super Senior Citizens. For AY 2018-19 and AY 2017-18, the maximum income tax rebate is Rs.2,500/- and Rs.5,000/- respectively. ...


Standard Deduction in Salary and Pension 2018 [AY 2019-20]

Standard deduction refers to a straight reduction of salary income up to Rs.40,000/-. [Section 16(i)(ia)] In budget 2018, India's government has re-introduced the standard deduction for both salaried and pensioners. This will benefit 2.5 crores assessee and will cost Rs.8,000/- crore to the go...


Section 80TTB: Deduction for Senior Citizen [FY 2018-19]

In budget 2018, the government has provided a  big relief to our senior citizens (60 years or more) in form of a deduction of their interest income up to Rs.50,000/-. In this article, we will understand all aspects of this deduction as provided under section 80TTB. Effective date Section 80TTB...


Section 80C: Child Tuition, School, Education Fees [AY 2018-19]

[googleads_betweenposts seperator="true"] Under the income tax, in respect of child education, an individual taxpayer can get a tax deduction of- Tuition fees paid for a maximum of 2 children [Section 80C] An interest of Education loan [Section 80E] Child Education Allowance [Salaried ...


Section 80E: Education Loan Deduction AY 2018-19 [Incl.Example]

Eligibility for 80E Deduction In AY 2018-19, an Individual can get the deduction of interest paid on education loan under section 80E. Such loan should be taken for higher education of - Self Husband/wife Children Any student for whom such Individual is the legal guardian Name spe...


Section 80D: Deduction of Health Insurance [AY 2019-20]

Premium paid for Health insurance is one of the most common deductions under the income tax. This deduction is in addition to the deduction of Rs.1.5 lakh under section 80C. An individual can take the deduction of health insurance and preventive health check-up or medical expenditure fees paid...


Section 80GGB and 80GGC: Deduction of Political Contribution

[googleads_betweenposts] Section 80GGB of Income Tax Act Any contributions by an Indian company to any political parties or an electoral trust shall be eligible for deduction while computing total income (Profit and Loss a/c). The company should maintain proof of such expenditure. Contributi...


Section 80G: Tax Deduction for Donations and Exemption Limit

Donations to prescribed fund, charitable institute, few CSR activities etc are allowed as a deduction in Income tax under section 80G. Prescribed funds/institution will get discussed later in this article. Eligibility So, Who is eligible for deduction under section 80G ? Any assessee making a...


House Rent Allowance(HRA) Deduction, Calculation [AY 2019-20]

'House Rent Allowance(HRA) Deduction, Calculation [AY 2019-20]'

In this article, we will discuss house rent allowance (HRA) deduction and its calculation for an employee. In General, this HRA forms part of the salary. If HRA is not paid by the employer, an employee can still claim HRA exemption u/s 80GG.   What is House Rent Allowance (HRA)? HRA i...


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