Tax Benefits of Tuition Fees & Education Allowances (Updated 2022)

The government allows income tax deductions for education because education is a vital part of one’s life. Developing countries like India benefit from it by increasing literacy rates. There are lots of tax benefits available for Children’s Education Allowance, Tuition Fee Payment, and School Fee Payment. Deduction under section 80C for School/College Fee Payment [Section … Read more

Deduction 24 From House Property Income

Deduction 24 From House Property Income: You can get tax exemptions on specific investments and expenditures under several sections of the Income Tax Act. The Act constantly stresses the importance of residential property and property as an investment. A lot of investments towards your first home can get lots of income tax deductions (Section 24, … Read more

Deduction 80CCD, 80CCD(1), 80CCD(1B), 80CCD(2) of Income Tax Act

Deduction 80CCD – Deduction for NPS (National Pension Scheme) A.Y. 2022-23: The Income Tax Department of India offers a deduction of 80CCD to taxpayers for making contributions towards the National Pension Scheme (NPS) or the Atal Pension Yojana (APY). The deduction is availed under Section 80CCD and is available only to individuals. This section also … Read more

Tax Deduction 80DD for Medical Treatment of Disabled Dependent

Deduction u/s 80DD: Individuals or HUFs are permitted to deduct expenses for dependants who are differently abled and who are entirely dependent on them for support and maintenance under Section 80DD. A deduction is available to families of disabled persons under Section 80DD in order to support a disabled dependent. The families of disabled dependents … Read more

Tax Deduction of Preventive Health Check Up

The best way to prevent diseases and complications is to have regular Preventive Health Checkups. Therefore, the purpose of a Preventive Health Checkup is to identify and minimize such risks as early as possible. By detecting potential health issues early, preventive checkups can reduce the financial burden of healthcare by reducing the cost of healthcare … Read more

7 Situations to Avoid Losing Health Insurance 80D Tax Benefits

The Income Tax Department of India has maintained a provision of the deduction for taxpayers who invest in health insurance policies.  As per the current scenario, the IT Department allows a deduction of ₹25, 000 for common citizens and ₹50, 000 for senior citizens in every assessment year. However, there are certain prescribed guidelines that … Read more

House Property Income Calculation and Deduction 2022

What is House Property Income Any building or land attached to it that is owned by the assessee is considered to be house property. House properties could be your own home, office, a shop, or even a building that is attached to the building like a parking lot. This could also include the land that … Read more

Tax Rebate Under Section 87A (A.Y.2022-23)

Tax Rebate Under Section 87A (A.Y.2022-23): Section 87A Rebate allows taxpayers to have their income tax liability reduced up to Rs.12,500/-. If your annual income, after taking into account the deductions allowed under Chapter VIA, is less than Rs 5 lakh, then you are eligible for the rebate under section 87A. After making a claim … Read more

Deduction 80G: Donations Allowed for Deduction A.Y. 2022-23

Deduction 80G – List of Donations Allow for Deduction under section 80G: The government of India has allowed some of the donations eligible for deduction from your income tax. We will discuss here how you can get the deduction 80G and which donations are eligible for deduction under section 80G. For a common man, Section … Read more

Deduction 80GG: Deduction for Rent Paid A.Y. 2022-23

Deduction 80GG – Deduction in respect of Rent Paid: Deduction under section 80GG provides a tax benefit for that assessee who does not receive of house rent allowance (HRA) but lives in a rented house. So, you can get a deduction under section 80GG from your income tax if you are not getting any house rent … Read more

Deduction 80D AY 2022-23: Deduction for Health Insurance Premium

Deduction 80D AY 2022-23: The person who paid medical insurance premium himself/herself or his/her spouse or parents or dependent children can claim the deduction from the total income of the person as per the instructions given below. We will discuss here the complete detail of deduction under section 80D for the A.Y.2015-16 to A.Y.2022-23 Persons … Read more

Deduction 80E: Interest on Education Loan (A.Y.2022-23)

Income Tax Deduction 80E (Interest on Education Loan) A.Y. 2022-23: The interest on an education loan is available for an income tax deduction. You can get a deduction under section 80E of the Income Tax act in your taxes for higher education of self, spouse or children or as legal guardian.  In this article, we will discuss deduction … Read more

How to Download LIC Premium Certificate Online? New Procedure

Download LIC Premium Certificate: As the time for filing returns approaches, every taxpayer needs to start accumulating receipts that shall offer them deduction. One of the most common documents in such respect is the LIC Premium Paid Certificate for the whole financial year. Section 80C of the Income Tax Act specifically mentions taxpayers can claim … Read more

Deduction 80C A.Y.2022-23 & A.Y.2021-22 – Complete Guide

We will cover here the complete detail about deduction under section 80C for A.Y.2022-23 & A.Y.2021-22. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions comes under … Read more

LIC Tax Deductions & Benefits (A.Y.2022-23 & A.Y.2021-22)

The first thing comes in our mind is LIC (Life Insurance Premium) or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC … Read more