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Section 80DDB of the Income Tax Act, 1961, offers a vital tax deduction on medical expenses for the treatment of specified critical illnesses. Individuals and Hindu Undivided Families (HUFs) can reduce their taxable income by claiming this deduction for themselves or their dependents. Eligible expenses include hospitalization, medicines, tests, and other treatment-related costs, provided they are certified by a specialist doctor. This deduction provides financial relief to ta

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

Section 80CCD(1B) of the Indian Income Tax Act provides an additional deduction for contributions made to a National Pension System (NPS) Tier I account. Over and above the ₹1.5 lakh limit under Section 80C and 80CCD(1), taxpayers can claim an extra ₹50,000 to enhance tax savings while building a retirement corpus. This benefit applies only under the old tax regime, making it a crucial tool for individuals seeking maximum deductions. Understanding eligibility, contribution li

ITR-U , introduced under Section 139(8A) of the Income Tax Act, 1961, allows taxpayers to voluntarily file an updated return beyond the standard deadlines. This mechanism encourages transparent reporting of additional income or correction of errors in previously filed returns, while reducing disputes and litigation. The updated return is distinct from belated or revised returns, focusing solely on disclosing extra income and paying the due tax along with interest. With the ex

Filing income tax returns accurately is crucial to avoid penalties, ensure correct TDS credits, and claim refunds when eligible. While taxpayers are familiar with the standard ITR, mistakes and omissions can occur, leading to the need for corrections. The Income Tax Act provides provisions like Revised Return and ITR-U to address such situations. Understanding their differences, timelines, and implications is essential to determine which return to file in a given scenario.

Accurate tax filing is crucial for compliance with the Income Tax Act, 1961. Mistakes in your original income tax return can happen, and understanding whether a revised return can be filed after the deadline is essential for all taxpayers. Indian tax law provides structured provisions to correct errors, including revised returns under Section 139(5) and Updated Returns (ITR-U) under Section 139(8A), ensuring taxpayers have options to disclose missed income or rectify mistak

The Updated Income Tax Return (ITR-U) allows taxpayers to rectify errors or report omitted income for up to four years from the end of the relevant assessment year. While it is a crucial tool for maintaining compliance and avoiding penalties, taxpayers often wonder if filing an ITR-U also lets them claim a refund. Understanding the distinction between ordinary ITRs and ITR-U is essential to ensure accurate tax filing and proper management of refunds, while adhering to updat