When the Government of India presents a Budget for every financial year in February, it also introduces amendments to the Income Tax Act. Let’s take a detailed look at the different Chapters of the Income Tax Act to understand them better. Chapter Details of the Chapter Chapter 1 Provides ...
Deduction limit increment under Section 80D of the Income Tax Act: The Union Budget 2018 has announced an immediately effective increment in the deduction limit on premium payments of health insurances. From Rs. 30,000, the deduction limit is said to go up to Rs. 50,000. However, for citi...
On the other hand, income taxes deducted in the form of TDS from your salary is an example of direct tax. Direct taxes contribute to expenses towards state and central government expenses, such as infrastructural development. Let’s get into the details of income tax working in India and its...
Use ET Money's free online income tax calculator to compute your income taxes for FY 2024-25 and FY 2025-26 under both the new and old tax regimes.
Who Should File an Income Tax Return (ITR) in India?+ Media Buzz These 8 salary perks can save income tax up to Rs 1.35 lakh in old tax regime after Budget 2025 Read More Retirement planning: How one can transfer EPFO Funds to NPS for better returns; check details ...
Section 1: Basic Details The top cells ask for your name and PAN Number. It’s optional field and is meant in case you want to use it for multiple people. Date of Birth is mandatory field as the tax slab is different for people aged below 60, between 60 to 80 years and more than...
Section 80D mediclaim This income tax section allows you to deduct medical expenses for yourself or dependent family members. However, a maximum of Rs. 35,000 can be claimed as an income tax deduction under Section 80D. This includes a maximum of Rs. 25,000 for self and dependent family ...
Section 80D allows deductions on medical insurance premiums. Section 80E permits freelancers to include interest on education loans as tax deductions. Section 80EEA highlights the deduction interest on home loans for freelancers owning a home for the first time. ...
This could be an order requesting additional details, a mistake in gender, tax credit mismatch, refund mismatch or advance tax discrepancy, among others. The taxpayer has to be notified before taking any action under this section, especially if the action results in "enhancing an assessment or ...
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps. Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...