# tax deduction
11 posts in `tax deduction` tag
Difference Tax Exemption Deduction Rebate
Tax deductions are a way to lower the amount of your income that is subject to taxation. You can claim deductions when you have incurred specific expenses or made investments that are eligible for tax deductions.
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By Krishna
Claiming Tax Deductions Patent Royalty Income Section 80RRB
When you have done outstanding work and earned royalties on a patent, it's like getting a well-deserved reward. To promote this kind of innovative spirit, the Income Tax Act introduced Section 80RRB.
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By Krishna
Form 16 vs Form 16A Detailed Comparison
For salaried employees, every employer is obligated to provide a Form 16. Put simply, Form 16 is a document that summarizes an employee's salary details and the deductions made for taxes.
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By Krishna
Understanding Section 80G Income Tax Savings Guide
However, specific limits and conditions must be met to avail of these deductions. In this comprehensive guide, we will delve into the intricacies of Section 80G and explore how it can be a valuable tool for tax savings.
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By Krishna
CBDT Clarifies NBFC Eligibility Income Tax Deductions Actual Payments
The Central Board of Direct Taxes (CBDT) has issued a notification specifying certain categories of Non-Banking Financial Companies (NBFCs) eligible for income tax deductions to be applicable only upon actual payment.
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By Krishna
Tax Deduction Bank Fixed Deposits Form 15g Requirements
Suppose you expect that your total interest income from these FDs will exceed the prescribed threshold limit. In that case, you may not be eligible to submit Form 15G.
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By Krishna
Retain Credit Card Summaries for Tax Deductions: Smart Reasons to Keep Track
Medical expenses can add up quickly, and some of these expenses may be tax-deductible. By reviewing your credit card statements, you can identify medical expenses paid using your credit card.
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By Krishna
Claim Tax benefits health insurance premiums ITR
Section 80D provides tax benefits for health insurance premiums paid for yourself, your spouse, children, and parents. You can claim these tax breaks when filing your tax returns, even if you forgot to claim them while submitting proofs of tax-saving investments to your employer.
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By Krishna
How To Claim Your TDS Refund: Types of Refund Status
On the Income Tax website, you can check the status of your TDS refund by using your PAN card number.
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By Krishna
Which Is Better OLD Or NEW Tax Regime For Salaried Employees
The new financial has begun on 1st April 2023 and many taxpayers are still wondering about the merits and demerits of both tax regimes. The new and old tax regimes have pros and cons for the taxpayers, so it becomes quite perplexing to choose the most suitable tax regime.
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By Krishna
New Tax Regime & Old Tax Regime: Which Regime Is Better
The new and old tax regimes have its merits & demerits for the taxpayers, so it becomes quite perplexing to choose the most suitable tax regime.
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By Krishna