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.

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.

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.

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.

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.