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The choice between the new tax regime and the old tax regime in India primarily revolves around how income tax is calculated and the deductions and exemptions available to taxpayers. Here are the key differences between the two: Old Tax Regime Tax Slabs and Rates: Under the old tax regime, there are different tax slabs …
Presumptive income is a method used in income tax assessment where the income of certain eligible taxpayers is calculated based on presumptions and assumptions made by the tax authorities, rather than requiring detailed accounting records and actual income computations. This method is primarily aimed at simplifying the tax compliance process for small taxpayers and reducing …
In India, the Income Tax Act provides for several deductions related to medical expenses incurred by individuals and their family members. These deductions help taxpayers reduce their taxable income and consequently lower their tax liability. Here are some of the key medical deductions allowed under the Income Tax Act: Deduction for Medical Insurance Premium (Section …
What all medical deductions are allowed in Income Tax? Read More »
Deductions on housing loans in India are available under several sections of the Income Tax Act, 1961. Here are some of the key deductions related to housing loans: Section 24(b): Interest on Housing Loan: Under Section 24(b), you can claim a deduction on the interest paid on a housing loan for a self-occupied or rented-out …
Section 80C of the Income Tax Act, 1961, provides various avenues for taxpayers to claim deductions on their taxable income by investing in specified instruments. As of my last update in January 2022, here are some of the popular deductions available under Section 80C: Investments in Public Provident Fund (PPF): Contributions made to PPF accounts …
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