One stop for everything related to taxes,
Our Blogs

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

Non-Resident Indians (NRIs) earning income in India can claim selected deductions under Chapter VI-A of the Income Tax Act, 1961, to reduce taxable income. While the options are limited compared to resident taxpayers, NRIs remain eligible for key deductions such as Section 80C, 80D, 80E, 80G, and 80TTA. Understanding these allowances is essential to maximize tax savings, avoid penalties, and maintain compliance. Using a reliable tax filing platform like TaxBuddy can stream

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

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...

Chapter VI-A deductions provide individuals, HUFs, and certain businesses with opportunities to reduce taxable income through...

Startups and LLPs in India are required to file their Income Tax Returns (ITR) annually, irrespective of profits or revenue. This compliance ensures financial discipline, maintains credibility with investors, and keeps businesses eligible for tax benefits such as Section 80-IAC deductions for DPIIT-recognized startups. Filing correctly also prevents penalties, secures the ability to carry forward losses, and ensures compliance with statutory requirements under the Income Tax

Choosing the right tax regime while filing Income Tax Returns (ITR) in India can significantly impact your tax liability. The old tax regime allows multiple exemptions and deductions, whereas the new tax regime offers lower rates and simplicity but restricts most deductions. Understanding which regime benefits you requires evaluating income, investments, eligible deductions, and filing flexibility. TaxBuddy’s mobile app simplifies this process by comparing liabilities under

Salaried individuals in India can now claim a ₹50,000 standard deduction for FY 2024-25, reducing taxable salary automatically without...