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 »
Is TDS Deductible on Interest Due to Late Payments to Creditors? Introduction Tax Deducted at Source (TDS) is an essential part of the Indian taxation system, ensuring that taxes are collected at the point of income generation. Businesses often face situations where they make late payments to creditors, leading to interest liabilities. This raises the… Read More »
Recurring Deposits tax deduction Recurring deposits (RDs) are a popular savings instrument offered by banks and financial institutions, allowing individuals to save a fixed amount regularly over a specified period. Many investors wonder whether the contributions made to recurring deposits are eligible for tax deductions under Section 80C of the Income Tax Act in India.… Read More »
