Category Archives: Deductions

eNPS -A golden opportunity to save tax.

myITreturn

Only few days left for 31st March deadline and still thinking of any tax saving resort? Here’s a saviour then!  Introduction of eNPS have made things so much easier and so much faster that you can invest in NPS with a click of mouse without having to physically visiting any… Read more »

Deduction U/s. 80G: Donations

myITreturn

To encourage  charity amongst taxpayers, our Government is providing deduction for contribution (donation) made to registered Charitable Organizations. Deduction under 80G can be availed by any taxpayer, whether resident or non-resident. There are some rules made by the government for donation to charitable purpose which are as follows:- Deduction can… Read more »

Deduction of Interest on Savings Bank account u/s 80TTA

myITreturn

Interest on savings account is taxable as per the applicable slab rates for individuals. However considering the genuine hardship faced by middle class taxpayers. Income-tax department has provided relief to them by introducing a new section 80TTA for deduction of interest on savings account with effect from 1st April, 2012. Taxpayers can enjoy this benefit… Read more »

Deduction on Stamp Duty and Registration Charges paid for buying a House Property

myITreturn

When  a person sets out to buy a property apart from the exorbitant property rates he also has to bear Stamp duty and Registration charges. In order to reduce some burden, Government has provided deduction under section 80C for Stamp duty and Registration charges of property , paid by them…. Read more »

Deduction for Medical treatment

myITreturn

The hindi phrase ” Jaan hai to Jahan hai” is absoutely applicable to all of us, the problem is the increase in number of Life style diseases and naturally the money spent on medical expenses. To cope-up with such increased cost, Income-tax department has increased the limit for deduction for… Read more »

Getting a Certificate for Deduction for Medical treatment

myITreturn

Taxpayers who are suffering from some specified diseases and undergoing medical treatment are allowed to claim a tax deduction U/s. 80DDB of Income-tax Act, 1961. These diseases are listed in Rule 11DD. Taxpayer is required to fulfil some conditions provided by Income-tax department to claim this deduction. Conditions are as… Read more »

Atal Pension Yojana (APY)

myITreturn

What is Atal Pension Yojana (APY)? Last year, Government of India announced a new scheme called as “Atal Pension Yojana (APY)”. The scheme is administered by Pension Fund Regulatory and Development Authority (PFRDA) of India. This guaranteed pension scheme focuses on creating a retirement corpus for people from unorganized sector… Read more »

Investment in National Pension Scheme (NPS)

myITreturn

Earlier, Government of India was administering benefit oriented pension system. Considering the drawbacks in this system, it decided to move a forward step towards contribution oriented pension scheme. And this is how National Pension Scheme emerged in the year 2004. At initial stage, this scheme was applicable only to the… Read more »

Investment in Atal Pension Yojana eligible for Deduction U/s. 80CCD

myITreturn

There is good news for taxpayers!!! Department of revenue has declared that investment made in Atal Pension Yojana is eligible for getting deduction U/s. 80CCD. The notification was published on 19th February, 2016 by the Government. Quick link for notification – http://www.incometaxindia.gov.in/communications/notification/notification72016.pdf   Earlier investment in pension schemes of Central… Read more »

Deduction of Royalty Income for Authors

myITreturn

An author of any book receives Royalty Income. Such Income can be claimed as deduction under the Income Tax Act, 1961. There is a separate section 80QQB for this deduction. Taxpayer can claim deduction only if the following conditions are satisfied- Taxpayer should be resident of India. He may be Indian… Read more »