An individual who is resident in India and is an author of a book is eligible for tax deduction under section 80QQB of the Income Tax Act, 1961. To get eligible, royalty income should have been incurred from a book should be a work of literary, artistic or scientific nature. This means, author of other types of books which are not literary, artistic or scientific nature are not … [Read more...] about Tax deduction on royalty income of book authors – Section 80QQB
Deductions
Tax deductions on contribution to employee provident fund – EPF
Employee contribution to EPF account for the previous year can be claimed as tax deduction under section 80C up to the maximum limit of Rs 1,50,000.Please note, employer's contribution and interest credited to the EPF (i.e interest on both employee and employer contribution) is not allowed as tax deduction under section 80C.For instance, if you have contributed Rs … [Read more...] about Tax deductions on contribution to employee provident fund – EPF
Is withdrawals from NPS account taxable in the hands of individuals
Central government has introduced NPS or national pension scheme to provide old age income after retirement.In National Pension Scheme, account can be opened either by visiting POP-SP or through e-NPS. All most all leading banks and India post are authorized to act as a POPs for NPS.As discussed in our earlier article, periodic contribution to the NPS account is allowed … [Read more...] about Is withdrawals from NPS account taxable in the hands of individuals
Tax deduction on contribution to national pension scheme or NPS
National pension scheme (NPS) is managed by Pension Fund Regulatory and Development Authority (PFRDA), a statutory body established by Government of India.The main purpose of this scheme is to give you retirement benefits to salaried as well as self-employed persons.In this article, we will be discussing tax deductions available to an individual for investing in a … [Read more...] about Tax deduction on contribution to national pension scheme or NPS
When Tax deduction for interest on home loan can be claimed in ITR
Tax benefits for interest on home loan can be claimed under section 24 of income tax act, 1961. To claim this benefit, you need to fulfill all the conditions of section 24.The first and most important condition is the purpose of home loan.As per law, interest on home loan is eligible for tax benefits only when it's taken for purchase, or construction or repair or … [Read more...] about When Tax deduction for interest on home loan can be claimed in ITR