An extensive guide on India's income tax benefits for salaried individuals for the fiscal year 2024 may be found in this blog post. It includes a number of allowances, including standard deduction, professional tax, perks, medical allowance, housing rent allowance (HRA), transportation allowance, leave travel allowance (LTA), and medical allowance. The article also discusses other Section 80C, Section 80D, and Section 24 deductions that are possible, such as interest on house loans, medical insurance, and investment-linked deductions. Salaried people can maximize their tax savings and reduce their taxable income by being aware of and utilizing these deductions and allowances.

This blog offers a thorough explanation of Section 80EEA, an Indian tax deduction for first-time homebuyers. It describes the advantages, requirements for eligibility, and steps involved in claiming an interest deduction on home loans of up to Rs. 1.5 lakhs. The blog attempts to make affordable housing a reality and assist first-time homebuyers in understanding the provision.

This blog post provides a comprehensive overview of Sections 80TTA and 80TTB of the Income Tax Act and their impact on income tax exemptions and deductions. It covers the key features of each section, including the deduction limits, eligible taxpayers, and the types of interest income that qualify. The post explains how individuals (other than senior citizens) and Hindu Undivided Families (HUFs) can claim a deduction of up to ₹10,000 on interest earned from savings accounts under Section 80TTA. It also highlights the higher deduction limit of up to ₹50,000 for resident senior citizens aged 60 and above under Section 80TTB.

This blog explains the recent GST Council decision to waive interest and penalties on demand notices issued under Section 73 of the CGST Act for the financial years 2017-18, 2018-19, and 2019-20. It outlines the eligibility criteria, benefits for taxpayers, and important considerations.

This blog post will provide a detailed comparison of Section 80TTA and Section 80TTB of the Income Tax Act, 1961. The post will cover the key differences between the two sections, including their eligibility criteria, deduction limits, and the types of accounts that qualify for deductions. The post will also provide a brief overview of the Income Tax Act and the role of deductions in reducing tax liability.

Discover the ins and outs of Section 80TTA of the Income Tax Act, 1961, and how it benefits individual taxpayers and HUFs by offering tax deductions on interest income from savings accounts.

This comprehensive guide covers the tax benefits of investing in Sukanya Samriddhi Yojana, a government-backed savings scheme for girl children. The guide provides an overview of the scheme's eligibility, tax benefits, and additional advantages, making it an essential resource for anyone considering this investment option.

The article "ELSS vs PPF: Which Tax-Saving Option is Better?" compares two popular tax-saving investments in India: Equity Linked Savings Scheme (ELSS) and Public Provident Fund (PPF). ELSS invests in equity markets, offers tax benefits under Section 80C, has a three-year lock-in period, and potentially higher returns subject to market risks. Returns above Rs. 1 lakh are taxed at 10%. PPF, a government-backed savings scheme, also offers tax benefits under Section 80C. It has a fixed interest rate of 7.1% per annum, a 15-year lock-in period, and tax-free interest earnings. The choice between ELSS and PPF depends on an investor's goals, risk tolerance, and investment horizon. ELSS suits those willing to accept higher risk for potentially higher returns, while PPF is ideal for those seeking low-risk, fixed returns. The article provides a concise comparison to help investors decide based on their preferences.

This blog sheds light on Section 194A in India, explaining why a portion of your interest income might seem to disappear before it reaches your account. We'll break down the concept of TDS (Tax Deducted at Source)

In some instances, a taxpayer might receive a refund surpassing their eligible amount. According to Section 234D of the Income Tax Act, the IT department can reclaim this surplus, accompanied by interest.

The end of the year is so close and it’s better not to wait anymore, act now! Filing your income tax return (ITR) for the financial year 2022-2023 is crucial.