One stop for everything related to taxes,
Our Blogs

Income tax refunds are a critical part of the tax filing process, but delays often occur due to issues with bank account validation. Ensuring that your bank account is correctly validated is essential for receiving refunds promptly. Errors or discrepancies in account details can result in failed transactions, delayed refunds, or even the need to refile certain documents. This article explains why bank account validation issues occur, highlights recent updates that help strea

Filing income tax returns (ITR) early in India ensures faster refunds, reduces errors, and prevents last-minute filing stress. Returns processed and e-verified ahead of the deadline are prioritized by the Income Tax Department, allowing direct credit to bank accounts sooner. Early filing also provides adequate time for verifying bank details, avoiding system slowdowns, and ensuring compliance. Taxpayers can carry forward losses efficiently and minimize penalties, all contrib

Section 80RRB of the Income Tax Act, 1961, allows resident individuals to claim a deduction on patent royalty income. This provision encourages innovation by offering tax relief to inventors receiving income from patents registered under the Patents Act, 1970. Eligible taxpayers can reduce their taxable income by declaring royalty earnings and submitting Form 10CCE electronically while filing their ITR. Proper documentation and accurate reporting are crucial for claiming this

Section 80QQB of the Income Tax Act allows Indian authors to claim a tax deduction on income earned from royalties or copyright fees for certain types of books. This deduction reduces the taxable income of authors, supporting literary, artistic, or scientific work. Only individual authors earning royalties in India can claim it, and the deduction is capped at Rs. 3,00,000 or the actual royalty received, whichever is lower. To qualify, authors must adhere to specific eligibili

Section 80CCG, known as the Rajiv Gandhi Equity Savings Scheme (RGESS), was designed to encourage first-time retail investors in India’s equity market. The scheme allowed eligible taxpayers to claim a partial tax deduction on investments in listed shares, PSUs, mutual funds, and specified IPOs, over and above the limit under Section 80C. Investments required a designated Demat account, a PAN card, and were subject to a three-year lock-in period. Though phased out since April

Section 80JJAA of the Income Tax Act, 1961, provides a tax deduction to businesses for creating new employment. This provision allows eligible businesses to claim a deduction equal to 30% of additional wages paid to new employees for three consecutive years, starting from the year they are hired. The aim is to incentivize workforce expansion while ensuring formal employment. Only businesses with audited accounts under Section 44AB and new employees meeting tenure, salary, and

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 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