Income Tax Deduction : Tax Exemption
There are various India Tax Deductions or tax exemptions provided by the Indian Income Tax Act. The tax deductions help to deduct an amount from the taxable income and help to save tax. Each year, one can save thousands of rupees in income tax through income tax exemptions.
The Central Board for Direct Taxes (CBDT) governs the Indian Income Tax department. The department is also part of the Department of Revenue which is managed under the Indian Revenue Service (IRS) under the Ministry of Finance, Govt. of India.
ncome taxes are imposed by the government of India on taxable income of Hindu Undivided Families (HUFs), companies, individuals, firms, co-operative societies and trusts (which are identified as a body of Individuals and Association of Persons) and any other artificial person. There are separate levy of taxes on each persons which are governed by the Indian Income Tax Act, 1961.
What are the most commonly available deductions?
here are 4 most commonly used deductions that most people can avail of. These are popularly known by the section of the Income Tax Act under which they appear. Click on each of them to get more details.
Up to Rs.1 lakh, and used towards certain investments, payment of insurance premium, repayment of home loan principal amount, provident fund etc.
Up to Rs.15,000, and used towards annual medical expenses
Deduction of entire amount of interest paid on higher education loan for any family member
Deduction for contribution to charitable organization
In addition to these, there are numerous other deductions that are less common or that might not usually apply to you. Please check with your tax advisor if you might be eligible for any other deductions. Click here to read more about them.
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