Deduction of interest on saving account under section 80TTA What is deduction under section 80TTA of Income Tax Act: Section 80TTA has been inserted with effect from the assessment year 2013-14. It provides deduction up to Rs. 10,000 in aggregate to an assessee in respect of any income by way of … Read more
Under Section 80D of the Income Tax Act, deduction in respect payment made towards Health Insurance Premium and Preventive health check-up is allowable as deduction from total income. Who can claim the deduction & for what? – Individual or HUF can claim deduction under this section in respect of payment made by them towards:- 1. … Read more
One of my student, we lovingly calls him Mr. Doubtful, has always doubts even in simple provisions. The main reason was that he was in too hurry to read and understand the whole provision. While learning the Taxability of Leave Travel Assistance in the Income from Salary chapter he asked very wonderful questions!!! 1) Sir, … Read more
Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year. Maximum amount deductable Maximum amount deductable under section 80C … Read more