Myth: Deduction in respect of payment of interest and repayment of housing loan is available only on one house. It is not true. Most taxpayers generally believe that the deduction on interest and repayment of housing loan is available on one house only. But in actual, an individual can have more than one housing loan.… Read More »
Myth: Interest on fixed deposit is not taxable (adsbygoogle = window.adsbygoogle || []).push({}); This is incorrect. People have an assumption that interest on fixed deposit is exempt same as interest on savings bank account. But it is wrong. Interest on savings account is exempt under section 80TTA upto Rs 10000/- and any interest above in… Read More »
Income Tax on Medical Reimbursement, Any Gift, Voucher or Token Given to Employee by Employer under section 17(2) (viii) & Rule 3(7) (iv) Income Tax Act, 1961 As Per Income Tax Act 1961 “Value of any gift, voucher or token Value of any gift, voucher or token” includes: i) The value of any gift, or voucher,… Read More »
Income Tax Act has given additional deduction under section 80D for payment of Medical Insurance Premium. This deduction is available up to Rs. 20,000/- for senior citizens and upto Rs. 15,000/- in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is… Read More »
Limits & Conditions for Claiming Deduction of Interest on Borrowed Capital includes loan take from banks, financial institutions or from private sources on house property for computation of Income from House Property under Section 24(b) of Income Tax Act,1961 Section 24(b) of the Income Tax Act allows deduction from income from houses property on interest… Read More »
Section 80GGB allows deduction to corporate organizations (Indian Companies) for any amount contributed to political parties. They can claim deduction ranging from 50 percent to 100 percent of the amount. There is also restriction on the deduction as per Section 182 of the Companies Act, 2013 (section 293A of the Companies Act, 1956). Section 182 of the Companies Act,… Read More »