Tag Archives: #FilingTaxes

What does 80TTA exemption include?

80TTA exemption

80TTA exemption Exemption Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies, and post offices.… Read More »

Which allowances are taxable under the Income Tax rules of India?

Taxable allowances

Taxable allowances Taxable allowances, Under the Income Tax regulations in India, certain allowances are subject to taxation. Some of the commonly taxable allowances include: Dearness Allowance (DA): DA is an allowance provided to employees to offset the impact of inflation. It is fully taxable. House Rent Allowance (HRA) HRA is an allowance provided by employers… Read More »