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Loss from house property is a common scenario for taxpayers with home loans or multiple properties, especially when the interest payable exceeds rental income. The Income Tax Act, 1961 allows taxpayers to set off such losses against other heads of income, reducing the overall tax burden. However, the extent of this adjustment depends on the tax regime chosen and the nature of the income involved. With updates in the Income Tax Bill 2025, the rules for set-off and carry-forwar

Section 87A of the Income Tax Act offers a direct rebate on tax liability for resident individuals whose taxable income falls below a specific threshold. For FY 2025-26 (AY 2026-27), the government has expanded this benefit, raising the new tax regime limit to ₹12 lakh and enhancing the maximum rebate to ₹60,000. This means many salaried and middle-income earners can now effectively pay zero income tax if their net taxable income is within the eligible range. The Section 87A

Leave Travel Allowance (LTA) exemption for FY 2024-25 is available only to salaried employees opting for the old tax regime under Section 10(5) of the Income Tax Act, 1961. The exemption applies solely to travel within India and covers expenses incurred by the employee and eligible family members. It excludes accommodation, food, and other local costs. LTA can be claimed for up to two journeys in a four-year block, with the current block being 2022–2025. The claim amount is

House Rent Allowance (HRA) remains one of the most significant tax-saving components for salaried individuals. For FY 2024-25, the HRA exemption under Section 10(13A) of the Income Tax Act is available only under the old tax regime. It helps employees reduce their taxable income if they live in rented accommodation and meet specific eligibility conditions. With updated ITR reporting requirements and stricter documentation rules, understanding how to calculate and claim HRA e

House Rent Allowance (HRA)  exemption and Section 80GG deduction are two separate tax benefits under the Indian Income Tax Act that reduce taxable income for individuals paying rent. While HRA exemption under Section 10(13A) is available only to salaried individuals receiving HRA as part of their salary, Section 80GG provides relief to those who pay rent but do not receive HRA, including self-employed individuals. Understanding the distinction between these two helps taxpayer

Section 80C  and Section 80CCD  are two of the most popular tax-saving provisions under the Income Tax Act, 1961. Both offer significant opportunities to lower taxable income, but their scope and eligibility differ. Section 80C focuses on diversified investments such as ELSS, PPF, and life insurance, while Section 80CCD encourages retirement savings through the National Pension System (NPS). The right choice depends on income level, employment type, and investment goals. Unde

Section 24(b)  of the Income Tax Act, 1961 allows taxpayers to claim deductions on the interest paid for home loans taken to purchase, construct, repair, or renovate residential properties. It provides substantial relief for homeowners by reducing taxable income through interest deductions, subject to specific limits and eligibility conditions. For self-occupied houses, the maximum deduction is ₹2,00,000 per year, while for rented properties, there is no upper limit. This sec

Interest income mismatch notices usually arise when the Annual Information Statement (AIS) shows higher or different interest amounts than what appears in the Income Tax Return. These discrepancies often come from FD renewals, cumulative interest entries, missing savings interest, or incorrect TDS figures. At times, even small mistakes in bank account opening forms—like wrong PAN or outdated KYC—can trigger mismatches. TaxBuddy simplifies this entire process by automatically

Section 80EEA  of the Income Tax Act, 1961 provides an additional deduction of up to ₹1.5 lakh on home loan interest for first-time home buyers purchasing affordable housing. Introduced through the Finance Act, 2019, it extends beyond Section 24(b) benefits, encouraging residential ownership for middle-income earners. This provision supports the government’s “Housing for All” vision by making home loans more tax-efficient and promoting affordable housing among new buyers. Tab

Section 80GG  of the Income Tax Act, 1961 allows taxpayers who do not receive House Rent Allowance (HRA) to claim a deduction for rent paid. This provision ensures that even those living in rented accommodations without HRA can avail tax relief, provided they meet the eligibility conditions. To claim the deduction, individuals must not own a residential property at their place of work, must pay rent for accommodation, and must file Form 10BA declaring rent details. Proper com