Chapter 6A brief summary

💸 Demystifying Chapter VI-A of the Income Tax Act  💸 Welcome, tax savers! 🎉 If you are looking to keep more of your hard-earned money this year, you've landed in the right place…

Tax benefit from House Rent Allowance ( HRA )

What is HRA? HRA or House Rent Allowance is an allowance which salaried individuals receive from their employer for meeting the rental expenses of their house. The amount received is partly exempted…

Investments / Payments / Incomes on which I can get tax benefit ? / Tax deductions specified under Chapter VIA of the Income Tax Act

Tax deductions specified under Chapter VIA of the Income Tax Act  These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) wh…

80TTA & 80TTB Deductions under Income tax - interest on deposits

In computing the total income of an assessee the following deductions are allowed for interest on deposits. Section - 80TTA of Income-tax Act, 1961-2020 Deduction in respect of interest on deposits i…

Donation to political party - Get Deduction under Income Tax- 80GGB & 80GGC

In computing the total income of an assessee, there shall be deducted any sum contributed in the previous year to any political party or an electoral trust as follows: Contributions by companies to p…

80G Deductions under Income Tax Act 1961-2020

This article is about Section 80G Deductions allowed in computing the total income of an assessee under Income-tax Act, 1961-2020. 80G Deduction in respect of donations to certain funds, charitable i…

Section - 80EEB Deduction in respect of purchase of electric vehicle

This article is about deductions allowed under section 80EEB in computing the total income of an assessee. Section - 80EEB, Income-tax Act, 1961-2020 Deduction in respect of purchase of electric vehi…