Income Tax Deduction List- Section 80C, 80CCC, 80CCD, and more.
Income Tax Deduction List- Section 80C, 80CCC, 80CCD, and more. When it comes to taxes, Section 80 of the Income Tax Act is a legal provision. It gives taxpayers a bunch of ways to deduct and exempt their income. Taxpayers must understand this section so they can plan their finances better and legally reduce how […]
A Simplified Guide to Section 24 of the Income Tax Act
Individuals should avoid the following common mistakes while claiming deductions under Section 24 of ITA: Incorrect calculations: It is essential to ensure calculations when determining the interest component, for deduction. Neglecting to calculate the interest amount can lead to claims potentially resulting in either under or over-claiming of deductions. Non-Compliance with Intended Purpose: The loan […]