Deductions

Section 80EEB has been inserted by the Government with effect from the financial year 2019-20 (assessment year 2020-21). As per section 80EEB of the Income tax act, 1961, an individual can claim tax deduction for interest if a loan has been taken for the purpose of an electric vehicle (EV). Section 80EEB tax deduction for interest on loan taken for purchase of electric … [Read more...] about Tax deduction for interest on loan taken for purchase of electric vehicle (EV)-Section 80EEB

An individual can claim tax deduction under section 80G of the Income tax act, 1961 for donations made during the financial year to certain specified institutions. Tax deduction under section 80G can be claimed only if you have opted for the old tax regime. If you have opted for a new tax regime, then benefits of Section 80G will not be allowed.In this article, let us … [Read more...] about How to claim tax deduction on donation under section 80G

Any amount paid or payable by the employer whether directly or through a fund other than a recognized provident fund or an approved superannuation fund or deposit linked insurance fund to effect an insurance on the life of the assessee or to effect a contract for an annuity is treated as taxable perquisite in the hands of the employee.Therefore, the value of the perquisite … [Read more...] about Is life insurance premium paid by employer taxable as perquisite

In chapter VIA of income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 for the financial year 2018-19 and 2019-20.In this article, we will discuss … [Read more...] about Expenses qualify for income tax deduction under section 80C