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Sections 80TTA and 80TTB of the Income Tax Act, 1961, help taxpayers save tax on interest income. While both provide relief, their eligibility criteria and deduction limits differ significantly. Section 80TTA  benefits resident individuals and HUFs under 60 years with up to ₹10,000 deduction on savings account interest, whereas Section 80TTB  is designed for senior citizens, offering deductions up to ₹50,000 on both savings and fixed deposit interest. Understanding the distin

Donations made to charitable organizations can significantly reduce your taxable income through deductions available under  Section 80G  of the Income Tax Act, 1961. This provision encourages voluntary giving while ensuring that taxpayers contributing to approved institutions receive financial relief in return. The section specifies which donations qualify, the extent of deduction allowed, and the procedure to claim it. With the right documentation and timely filing, individu

Section 80E  of the Income Tax Act, 1961 allows individuals to claim deductions on the interest paid on education loans used for higher education in India or abroad. This provision benefits those funding their own or their dependents’ education, helping reduce taxable income and ease financial pressure. The deduction applies only to interest payments made to recognized financial institutions or approved charitable trusts and can be claimed for up to eight consecutive years. B

Section 80DDB  of the Income Tax Act, 1961 allows resident individuals and Hindu Undivided Families (HUFs) to claim tax deductions for expenses incurred on the medical treatment of certain critical illnesses. The provision ensures relief for families dealing with high medical costs by covering diseases like cancer, kidney failure, and neurological disorders. Only the actual out-of-pocket expenditure, after reducing insurance or employer reimbursements, qualifies for deduction

Section 194J of the Income Tax Act, 1961, mandates the deduction of tax at source (TDS) on payments made for professional and technical services, royalties, and director remuneration. The provision ensures timely tax collection from service-based income such as legal, medical, accountancy, and consultancy fees. Applicable to both individuals and businesses, this section plays a vital role in maintaining transparency and compliance in professional transactions. It is essential

Income earned by YouTubers, bloggers, and influencers through ad revenue, sponsored posts, affiliate marketing, and brand collaborations is treated as business income under the “Profits and Gains of Business or Profession” head. Such creators are classified as self-employed professionals under the Income Tax Act, 1961, and must file an Income Tax Return (ITR) if their income exceeds ₹2.5 lakh in a financial year. With multiple income streams and global collaborations, accurat

Filing an Income Tax Return (ITR)  when earning both a salary and freelance income requires understanding how each income stream is taxed under the Income Tax Act, 1961. Salary is taxed under the “Income from Salary” head, while freelance earnings fall under “Profits and Gains from Business or Profession.” Choosing the correct ITR form, reporting income accurately, and claiming applicable deductions ensures compliance and avoids penalties. With the growing trend of profession

Rental income in India is taxable under the head “Income from House Property” as defined by the Income Tax Act, 1961. To ensure compliance and minimize tax liability, it’s crucial to report it accurately in your Income Tax Return (ITR). Misreporting or ignoring this income can invite penalties and scrutiny. With recent updates under Budget 2025, taxpayers can claim deductions for municipal taxes, standard deductions, and home loan interest to optimize taxes efficiently. Platf

Under Indian tax laws, a minor child’s income must be reported following specific provisions of the Income Tax Act, 1961. Section 64(1A) requires that any income earned or accrued in a minor’s name—such as interest, dividends, or investment returns—be “clubbed” with the income of one of the parents, typically the one with a higher income. This ensures accurate tax reporting and prevents misuse of exemptions. However, the Act also provides exceptions for income earned by a min

Clubbing of income  under Section 64 of the Income Tax Act, 1961, prevents taxpayers from reducing their tax burden by transferring income-generating assets to close family members. It ensures that the income earned through such transfers—made without adequate consideration—remains taxable in the hands of the transferor. This rule primarily applies to individuals and not to firms, HUFs, or companies, thereby maintaining fairness in taxation and discouraging indirect methods o