Through the Union Budget in 2019, the Government of India announced an incentive for the purchase of an electric vehicle. The finance minister stated in the budget speech that the scheme will incentivise advanced batteries and registered e-vehicles. This led...

The income tax act allows a tax deduction or a tax benefit against the interest on a residential home loan. The deduction is allowed under section 80EE up to rs 50000 in a financial year. The tax benefit is available...

With the increasing need and demand for higher education among the student there lies a huge cost of such higher education. Usually, an education loan is taken by the student and repaid after completing the education. Once a student land...

Section 80DDB of the Income Tax Act, 1961 has gained its popularity in recent years. You can claim a tax deduction against the expenses made for the medical treatment of self and dependents suffering from specified diseases. What is Deduction...

Section 80DD of the Income Tax Act, 1961 provides for a tax deduction to an assessee or a taxpayer. Such a tax deduction is against any sum the taxpayer incurs for the medical treatment of a person suffering from a...

In order to take care of one’s medical emergencies, medical insurance is considered as the safest investment option. This allows the taxpayer to avail of the benefits on two front. One being taken care of by the insurance policy in...

What is Section 80CCC? Section 80CCC of the Income Tax Act, 1961 provides for a income tax deduction against the payment made to obtain a new pension policy or renew an existing pension policy. A taxpayer can claim a deduction...

In simple terms, a capital asset is a property of any kind which is held by the assessee irrespective of whether the asset is used for personal use or business purposes. Below are certain assets, which are not considered as...