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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

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

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...

Section 80E of the Income Tax Act allows individuals to claim a deduction for interest paid on education loans, reducing the financial...

Section 80G of the Income Tax Act, 1961 allows donors to claim tax deductions for contributions made to approved charitable institutions...

Section 80D of the Income Tax Act allows individuals and Hindu Undivided Families (HUFs) to claim deductions on premiums paid for health...

Section 80C of the Income Tax Act, 1961, is a cornerstone of legal tax-saving strategies for individuals and Hindu Undivided Families in...