income tax act
Section 80GG — Deductions on Rent Paid
In general, the House Rent Allowance or HRA is a component of the salary of an individual, and the individual can claim tax deductions on…
Tax Evasion in India and penalties imposed
Shalini L Oct 30, 2020 8:12 AM
Tax evasion is defined as the non-payment or underpayment of tax by the taxpayers and is considered illegal. Taxes are the primary source of income…
Tax Deductions Under Section 80CCC
What is Section 80CCC? The Section 80CCC of Income Tax Act, 1961, allows an individual to claim deductions in taxes up to a maximum amount…
A Detailed Guide covering Deductions Under Section 80DD
What is Section 80DD? A resident individual or HUF (Hindu Undivided Family) can claim a deduction in taxes under Section 80DD of Income Tax Act,…
Section 80CCD: Everything You Need to Know
Shalini L May 21, 2020 9:30 AM
The Income Tax Act, 1961 gives taxpayers a lot of relief from tax liability through deductions given that the taxpayers file and pay the tax…
What is a Tax Audit?
Shalini L May 19, 2020 9:00 AM
Tax audits are the audit of books of account for certain individuals, businesses or companies as given under the provisions of Section 44AB. A tax…
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