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Section 80GG of the Income Tax Act, 1961 allows taxpayers who pay rent but do not receive House Rent Allowance (HRA) from their employer to claim a deduction, reducing their taxable income. Applicable to salaried employees without HRA and self-employed individuals, this deduction helps offset the financial burden of renting a home. To claim this benefit, taxpayers must satisfy certain conditions, maintain proper documentation, and file Form 10BA with their income tax return.

Section 80GGC of the Income Tax Act, 1961, provides taxpayers with a 100% deduction on contributions made to registered political parties and recognized electoral trusts. This deduction applies only to non-cash donations via cheque, demand draft, or electronic transfer, promoting transparency in political funding. Taxpayers can claim the deduction without any upper limit, subject to their total taxable income. Recent compliance updates emphasize proper documentation and timel

Section 80U of the Income Tax Act, 1961, offers a fixed tax deduction to resident individuals certified with at least 40% disability. This provision allows ₹75,000 as a standard deduction for regular disabilities and ₹1,25,000 for severe disabilities (80% or more). The claim process is straightforward, requiring only a valid disability certificate submitted with Form 10-IA, without the need for medical bills or expense proofs. This flat deduction helps reduce taxable income d

Section 80TTA and Section 80TTB of the Income Tax Act, 1961 provide taxpayers in India with deductions on interest income, yet their scope, eligibility, and limits vary sharply. Section 80TTA benefits resident individuals and HUFs below 60 years, allowing deductions only on savings account interest. Section 80TTB, designed exclusively for senior citizens, covers interest from savings, fixed, and recurring deposits, with a higher deduction limit. Understanding these sections e

A set of validation guidelines has been established by the Income Tax Department to guarantee the correctness and quality of the data...

In addition to being a legendary cricket player, Virat Kohli is a savvy businessman and brand influencer. Kohli's commercial endeavours...

The tariff war has been escalating across the globe since President Trump came into power in the US. Like most countries, India is...

An Income Certificate is an essential document you need when applying for various government schemes and subsidies. It verifies the...

The income tax department in India has implemented a progressive tax system, which means that as your income rises, so do the tax rates....

Section 115BAA offers domestic enterprises lower tax rates, which will be in effect for FY 2019–20. A 22% tax rate reduction is provided...