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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 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 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...