An individual suffering a disability can claim tax deduction under section 80U of the Income tax act, 1961. In this article, we will be discussing what are the tax benefits an individual with disability can claim and what are the conditions such person has to satisfy before claiming tax deduction. Who can take benefit of tax deduction under section 80U? As per the … [Read more...] about Income tax deduction for disabled individuals – Section 80U
Income tax deduction for Tuition Fee – Section 80C
Now, an individual tax payer can claim income tax deduction on tuition fee paid to schools or colleges for higher education of children, under section 80C of income tax act, 1961. Payments towards tuition fee to any university or colleges or educational institutions in India for a full time education at the time of admission or otherwise is eligible for tax deduction under … [Read more...] about Income tax deduction for Tuition Fee – Section 80C
Tax benefits on Medical Insurance Premium – section 80D
Medical or health insurance plans of general insurance companies work on the principle of reimbursement of your hospitalization expenses. If you have invested in any of such health insurance policies then you can claim tax deduction under section 80D of income tax act, 1961. An individual like a salaried person, or a self-employed person, or any other individual is … [Read more...] about Tax benefits on Medical Insurance Premium – section 80D
How to claim income tax Deduction on rent paid – Section 80GG
Section 80GG of income tax act, 1961 is applicable to a self employed person, businessman and even to a salaried person for the expenses that they incur towards house rent. If you are not receiving house rent allowance from your employer or your salary does not include house rent allowance then you are eligible to claim income tax deduction under section 80GG for your … [Read more...] about How to claim income tax Deduction on rent paid – Section 80GG
Frequently Asked Questions on House Rent Allowance exemption
House rent allowance is paid by an employer to his employee. The employee as per the eligibility under section 10 (13A) can claim exemption from House Rent Allowance (HRA) received every month. A self-employed person did not get a salary from the employer. Therefore, he can not claim an exemption under section 10 (13A) of the income tax act 1961. However, a self-employed … [Read more...] about Frequently Asked Questions on House Rent Allowance exemption
Example for calculating Exemption for House Rent Allowance
Mr. X is working in a non-metro city and receives a basic salary of Rs. 14, 500, Dearness Allowance as Rs. 3000 and does not receive any commission. If he has paid Rs. 3000 as house rent while receiving house rent allowance of Rs. 4000. Let us calculate what will be his taxable house rent allowance; ParticularsCalculationAmount (Rs.)Actual house rent allowance4000*1248, … [Read more...] about Example for calculating Exemption for House Rent Allowance
House rent Allowance or HRA Exemption U/S 10 (13A)
House rent allowance granted by an employer to his employee is tax exempted to the extent provided under section 10 (13A) of income tax act 1961. Employees in India, receive house rent allowance from their employer every month as a part of their terms and conditions of employment. As per the Income Tax Act provision, HRA is partly exempted if certain terms and conditions … [Read more...] about House rent Allowance or HRA Exemption U/S 10 (13A)
What is defective income tax return and how to rectify it
After filling your income tax return (ITR), its time for the governement to go through the ITR and pass a order accordingly. During this process if the assessing officer finds your income tax return (ITR) as defective then they can consider your ITR as defective and accordingly issue a notice to comply. Such notice sent to rectify the defect in your tax return is generally … [Read more...] about What is defective income tax return and how to rectify it
How to claim HRA or house rent allowance exemption
If you are living in rented accommodation in a metro city or in some other city and you do not own any house in such a city then you can claim house rent allowance exemption from your HRA. To claim exemption, your employer may ask you for; rent receipt as a proof of payment of your rent, andthe lease agreement between you and your house owner If you provide these details … [Read more...] about How to claim HRA or house rent allowance exemption
When can a person revise his income tax return in India
In this article, we will be discussing tax provisions related to revise income tax return i.e. when and how you can revise your income tax return or how to rectify mistakes in a ITR. Provisions related to filing of revised income tax return are specified in section 139(5) of income tax act 1961. As per section 139(5), if an assessee discovers any omission or any wrong … [Read more...] about When can a person revise his income tax return in India