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What is presumptive income in income tax

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 …

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Deductions on housing Loan

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 …

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Deductions u/s 80c

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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Rules for claiming HRA Deduction

House Rent Allowance (HRA) is a component of salary provided by employers to employees to meet their rental housing expenses. Claiming HRA deduction is subject to certain rules and conditions under the Income Tax Act in India. Here are the key rules for claiming HRA deduction: Receipt of HRA: You must be in receipt of …

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