A resident individual suffering from permanent physical disability or mental retardation including blindness, loss of voice, autism, cerebral palsy and multiple disability as per rule 11D is eligible to get tax deduction under section 80U of Income tax act, 1961.Rememeber, tax deduction under section 80U is not available if the taxpayer is non-resident in India for the … [Read more...] about Tax deduction for Disabled Individuals – Section 80U
Deductions
Tax deduction on house rent – Section 80GG
Tax deduction on house rent paid for furnished or unfurnished accommodation can be claimed if an individual is not getting House Rent Allowance or HRA is not a part of his or her salary.This tax deduction is available to taxpayers under section 80GG of the Income tax act, 1961.If you are getting House rent allowance or HRA from your employer, instead of taking tax … [Read more...] about Tax deduction on house rent – Section 80GG
How to claim tax deduction on fixed deposits – section 80C
Fixed deposits (FD) is one of the most favored risk free investment instruments in India. In a Fixed Deposit scheme, an investor can invest money for a fixed tenure at a predefined interest rate. As it’s invested for a fixed term, it’s also known as term deposit.Different types of Fixed Deposit schemes are available in India to invest for a specific term. However, Income … [Read more...] about How to claim tax deduction on fixed deposits – section 80C
Tax deduction for interest on savings account – Section 80TTA
Interest on savings account deposits are are taxable under the head “Income from other sources”. While filing tax return, you are required to declare these interests in addition to all other incomes to find out your total tax liability. However, after including it to your total income, you can claim tax deduction under section 80TTA on interest on savings account … [Read more...] about Tax deduction for interest on savings account – Section 80TTA
How to claim Tax deduction on Life Insurance Premium
You can claim tax deduction for payment of life insurance premium under section 80C of the Income tax act 1961. As per section 80C, amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from taxpayer’s gross total income before arriving at the taxable income.Tax deduction is available on a life insurance policy brought … [Read more...] about How to claim Tax deduction on Life Insurance Premium