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...

During Budget 2020, the finance minister, Nirmala Sitharaman, recommended the addition of Section 194K to the Finance Act. This clause allows any resident individual to deduct the amount paid on mutual fund units, up to a certain limit. What is...

The Finance Act 2020 includes a range of policies and reforms with the objective of boosting economic growth and improving tax administration. Section 80M was introduced to help corporates reduce their tax and compliance burdens under the Income Tax Act,...

What is Section 80GGC? Section 80GGC provides for a tax deduction on any sum contributed in the previous year by any individual to a political party or an electoral trust. However, no deduction is applicable if the individual makes a...

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...

What is Section 80RRB? Section 80RRB is a tax deduction which a taxpayer can claim while filing their income tax returns against payments received as royalty. Royalty payments are a source of income for many citizens. A royalty is an...

The Income Tax Act, 1961 provide provisions for a variety of profit-related deductions under Chapter VI-A. The intent of these provisions is to stimulate investments in particular industries among the taxpayers. With regard to profits and gains of particular businesses,...

What is Section 80C? Section 80C of the Income Tax Act provides tax deduction up to Rs1.5 lakhs to individuals and HUF. The tax deductions provide a means for individuals to reduce their gross total income and save tax. They,...