Difference between 80C vs 80CC Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as PPF, ELSS,… Read More »
Income tax relief under 80GG Income Tax relief under 80GG, It’s individuals who do not receive House Rent Allowance (HRA) from their employer but still pay rent for their accommodation. This provision applies to self-employed individuals, salaried employees, and professionals. To qualify for the Income tax exemption under Section 80GG, the following criteria… Read More »
Tax deduction for PF under 80C Tax deduction for PF under 80C: Absolutely, contributions made by an individual towards the Provident Fund (PF) are eligible for tax deductions under Section 80C of the Income Tax Act. In a financial year, the maximum deduction allowed under Section 80C is Rs. 1.5 lakh, which includes contributions made… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »
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 »
The benefits of filing Income Tax Return The benefits of filing Income Tax Return provides several benefits, including: Avoiding Penalties: Timely filing of ITR helps you avoid penalties and interest on unpaid taxes. Carry forward of losses: If you have incurred losses from business, profession, or capital gains, filing ITR allows you to carry forward… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
Difference between Revenue and Valuation Revenue and Valuation: Revenue refers to the income earned by a company through its core operations, such as the sale of goods or services, while valuation is the process of estimating the worth of a company or an asset. Visit for more information: https://www.mca.gov.in/ It is a measure of a… Read More »
What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »
Nature of Capital Reduction Account Nature of Capital Reduction Account, It is a special type of account that is create when a company reduces its share capital. The nature of capital reductions accounts is to record the reduction in the company’s share capital, which typically occurs when the company buys back its own shares or… Read More »
