Rules & Sections

section 80tta of income tax act

Section 80TTA of Income Tax Act

What is Section 80TTA? Section 80TTA of the Income Tax Act provides a deduction for interest income. The deduction is available with a few limitations and restrictions. In this article, we have covered all about claiming a tax exemption on...

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Section 194C

What is Section 194C? As per section 194C of the Income Tax Act, 1961 if any person pays an amount to any resident contractor in pursuance of a contract between the contractor and a specified person then the specified person...

section 10 of income tax act

Section 10 of Income Tax Act

What is Section 10 of Income Tax Act? Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also...

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Relief Under Section 89

What is Section 89? For the purpose of the Income Tax Act, income tax is levied on the total income earned or received during the previous year by the assessee. There are cases where in the past dues are paid...

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Section 80TTB of Income Tax Act

What is Section 80TTB? Section 80TTB of the Income Tax Act, 1961 allows a resident senior citizen to claim a deduction against interest on the deposit. Section 80TTB is popular for claiming deduction against interest income on a fixed deposit...

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section 112a income tax

Section 112A of Income Tax Act

Section 112A provides for long term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and the units of a business trust. The said section was introduced in Budget 2018 after the removal of exemption under section...

section 195

Section 195 of Income Tax Act

What is Section 195 of Income Tax Act? Section 195 of the income tax act mandates deduction of tax at source before making payments to a non-resident. It provides for deduction of tax on payments such as interest or any...

section 80g of income tax

Section 80G of Income Tax Act

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 a trust. Along with...