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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 …
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 …
Saving income tax is a common goal for many individuals. Here are ten tips that can help you legally minimize your tax liability: 1.Invest in Tax-saving Instruments: Utilize Section 80C deductions by investing in instruments like Public Provident Fund (PPF), Employee Provident Fund (EPF), National Savings Certificate (NSC), tax-saving fixed deposits, and Equity-Linked Savings Schemes …
Basic Steps to file ITR (Income Tax return) of an Individual
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