Section 80GGB of the Income Tax Act of 1961 provides for tax exemption in order to encourage more contributions to political parties. This section is primarily concerned with contributions and donations made by Indian corporations to political parties or electoral...

Section 80GG of Income Tax Act Section 80GG of the Income Tax Act under Chapter VIA provides a tax deduction to self-employed individuals and salaried employees for the rent paid. Here, the motive is to provide a tax benefit to...

What is Section 80G? The Income Tax Act allows deduction while calculating the total taxable income to every assessee. One such deduction is allowed under section 80G of Income Tax Act, 1961 for donations made to a charitable organization or...

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...