May 2023

Deduction in respect of interest on loan taken for higher education (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by …

80E of Income Tax Act, 1961 Read More »

Deduction in respect of medical treatment, etc Section 80 DDB of Income Tax Act, 1961 deals with tax deductions for medical expenses incurred for specific diseases. Here’s a breakdown in simple language: Who is eligible under Section 80 DDB? Individuals residing in India Hindu Undivided Families (HUFs) What kind of medical expenses are covered under Section 80 DDB? …

80DDB of Income Tax Act, 1961 Read More »

Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year,— (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a …

80DD of Income Tax Act, 1961 Read More »

Deduction in respect of health insurance premia Unlocking Tax Deductions for Health Insurance and Medical Expenses In India, Section 80D of the Income Tax Act, 1961 offers a valuable opportunity to reduce your tax burden while prioritizing your health and that of your loved ones. It allows eligible individuals and Hindu Undivided Families (HUFs) to …

Section 80D of Income Tax Act, 1961 Read More »

Deduction in respect of contribution to Agnipath Scheme (1) Where an assessee, being an individual enrolled in the Agnipath Scheme and subscribing to the Agniveer Corpus Fund on or after the 1st day of November, 2022, has in the previous year paid or deposited any amount in his account in the said Fund, he shall be allowed a deduction …

80CCH of Income Tax Act, 1961 Read More »

Deduction in respect of investment made under an equity savings scheme (1) Where an assessee, being a resident individual, has, in a previous year, acquired listed equity shares or listed units of an equity oriented fund in accordance with a scheme, as may be notified by the Central Government in this behalf, he shall, subject …

80CCG of Income Tax Act, 1961 Read More »

Deduction in respect of subscription to long-term infrastructure bonds In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the …

80CCF of Income Tax Act, 1961 Read More »

Limit on deductions under sections 80C, 80CCC and 80CCD The aggregate amount of deductions under section 80C, section 80CCC and sub-section (1) of section 80CCD shall not, in any case, exceed one hundred and fifty thousand rupees.

Deduction in respect of contribution to pension scheme of Central Government (1) Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer, or any other assessee, being an individual has in the previous year paid or …

80CCD of Income Tax Act, 1961 Read More »