Page 3 - Tax Deductions

Still have 80D limit? Avail of deduction on health check-up, say experts

To make use of Section 80DDB deduction, get a specialist's certification

Take a home loan before March 31 to avail benefit under section 80EEA

A key positive of this deduction is that you don't have to wait until possession to begin claiming it

Things to remember as you rush to file your return ahead of December 31

To avoid any last-minute errors, one must remember to use the correct ITR form, collate all relevant income and expense documents for quick referral

Cracking the whip: TDS defaults by state PSUs, banks come under I-T lens

Tax dept plans to conduct over 500 survey operations to ensure compliance

File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

Pay your family's insurance premiums and PPF contributions to save tax

While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply

Remember to avail of tax benefit on health check-up under Section 80D

If your health insurance premium is low, this provision can help you enjoy a higher deduction

Govt can look to provide tax deduction for employees working from home: PwC

Following the outbreak of COVID pandemic early last year, many companies adopted a work from home policy for their employees.

Income Tax dept amends TDS form, makes it more comprehensive

As per the amended form, banks will have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore

How to claim income tax deduction for investments made in April - July 2020

One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21

Re-evaluate the tax regime you've chosen if your salary has changed

For different income levels, there are different break-even deduction points. If you can avail of higher deductions than that, stick to the old regime

Salaried class excluded from TDS benefit to avoid tax burden: Govt

To boost short-term liquidity for businesses, the government on Wednesday reduced TDS and tax collected at source (TCS) rates for non-salaried payments by 25 per cent up to March 31, 2021

You can claim 100% tax deduction on donation towards PM CARES Fund

The government has provided tax relief and extensions in deadlines for statutory compliances

Make an evidence-based choice between the old and new income tax regimes

Those who can cross certain thresholds of deduction will be better off sticking to the old regime

Over 8,660 pharma firms claimed tax deduction during 2019-20: I-T dept

The matter will come up again in court on Monday

Govt may tighten presumptive taxation norms, do away with some deductions

The slab rationalisation exercise will cost the exchequer Rs 70,000-80,000 crore

Budget 2019: Sitharaman's sops to push affordable housing, housing sales

Experts added that the interest exemption upto Rs 3.5 lakh for affordable housing would help boost residential sales

What are TDS provisions, exemption thresholds and claim of credit?

TDS helps make sure the government knows the details of the recipient such as his PAN, and total income earned

FinMin proposes to ease process of obtaining 'no tax deduction' certificate

The draft notification proposing the amendments is available on the website of the Income Tax Department

How can you minimise tax deduction and maximise take-home salary?

With these simple suggestions you can reduce the tax deduction at source by your employer and increase your take home salary