Tag: Deductions

What are the Income Tax Deductions under Section 80 CCD(1B)?

Section 80 CCD (1B) gives an additional deduction of ₹ 50,000 over and above the ₹1,50,000 deduction permitted under Section 80C. The Income Tax Act allows you a variety of deductions that can assist you lessen your income. There are a number of approved investments and expenses that you can deduct from your taxable income. […]

Deductions are allowed for PF/ESI contributions made late but before the return is filed.

Deductions are allowed for PF/ESI contributions made late but before the return is filed. Facts and Issue of the case All the appeals are common and are related to disallowance of employee’s contribution of PF/ESI on account of delay in deposits as per the respective Acts. Therefore, Court clubbed all of them together for the […]

Deductions under Chapter VIA

The tax system in India is progressive, meaning that as taxpayers’ income increases, they end up paying higher taxes. Whereas, the taxpayers who fall into the low to medium tax brackets can save a significant amount of money. Tax slabs help determine the total taxable income during a fiscal year. However, before you start calculating […]

2 types of standard income tax deductions for 2022

A standard deduction is essentially a deduction allowed in income tax, regardless of expenses incurred or investments made by an individual. This type of standard income tax deduction does not require disclosure/investment evidence/expense accounts as it is allowed at the standard rate. There are 2 types of standard deductions in India as described below. Standard […]

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