deduction - Palgou India

Understanding Section 80EE of the Income Tax Act: Features and Benefits

Introduction:Section 80EE of the Income Tax Act is a provision that offers tax benefits to individuals on the interest paid on home loans. Introduced to encourage homeownership, this section provides an additional deduction over and above the benefits available under Section 24(b) of the Income Tax Act. Features of Section 80EE: Benefits of Section

Understanding Section 80EE of the Income Tax Act: Features and Benefits Read More »

Section 80EEA – Deduction for Interest on Home Loan

BACKGROUND Finance minister Nirmala Sitharaman introduced Section 80EEA in the 2019 Union Budget to give a boost to the Centre’s Pradhan Mantri Awas Yojana (PMAY) and further boost real estate sector. The Section 80EEA deduction is over and above the Rs 2 lakh deduction limit allowed under existing provisions of Section 24 (b). WHO IS

Section 80EEA – Deduction for Interest on Home Loan Read More »

Section 80E: Income Tax deduction for Interest on Education Loan

Education is the cornerstone of personal and societal development. Recognizing the importance of higher education, the Indian government has introduced various measures to facilitate access to quality education. One such initiative is the provision of tax benefits under Section 80E of the Income Tax Act, 1961, which allows individuals to claim deductions on the interest

Section 80E: Income Tax deduction for Interest on Education Loan Read More »

Deduction under Section 80TTB of the Income Tax Act 1961

Interest earned by Senior Citizens on Deposits is Taxable subject to deduction under section 80TTB. What is Section 80TTB?Section 80TTB of the Income Tax Act 1961 provides a deduction in respect of interest earned on Specified Deposit to Senior Citizens and Super Senior Citizens. Who is eligible to Claim Deduction under section 80TTA?Deduction under section

Deduction under Section 80TTB of the Income Tax Act 1961 Read More »

Deduction under Section 80TTA of the Income Tax Act 1961

Interest earned on Saving Bank Account is Taxable subject to deduction under section 80TTA. What is Section 80TTA?Section 80TTA of the Income Tax Act 1961 provides a deduction in respect of interest earned on savings account. Who is eligible to Claim Deduction under section 80TTA?Deduction under section 80TTA is available only to Individual and HUFs

Deduction under Section 80TTA of the Income Tax Act 1961 Read More »