Section 24 of Income Tax Act: The Indian Income Tax Act provides several provisions for taxpayers to reduce their taxable income, including Section 24. This section deals with deductions from the revenue earned from house property. Specifically, it allows taxpayers to claim deductions on interest paid on home loans and a standard deduction for repairs […]
In the complex world of taxation, Section 89A of the Income Tax Act 1961 is a crucial provision for Indian residents who receive retirement benefits from specified overseas accounts. Introduced by the Finance Act of 2021, this section aims to provide clarity and relief in the taxation of foreign retirement incomes, preventing the double taxation […]
Section 80CCD of the Indian Income Tax Act, 1961, promotes retirement savings through the National Pension System (NPS) and Atal Pension Yojana (APY). This provision offers tax deductions to individuals, providing significant incentives for contributing to retirement planning. In this article, we will explore the intricacies of Section 80CCD, including its sub-sections, deduction limits, and […]
Tax deductions are essential tools for reducing taxable income and alleviating financial burdens. One such beneficial provision under the Income Tax Act 1961 is Section 80DDB. This section provides tax deductions for medical expenses to treat specified diseases or ailments. This detailed article will explore Section 80DDB, its benefits, eligibility, deduction limits, and the diseases […]
Tax deductions are crucial in helping taxpayers reduce their taxable income, thereby lowering the overall tax burden. One such valuable provision in the Income Tax Act 1961 is Section 80TTA. This section offers deductions on interest income earned from savings accounts, promoting savings among taxpayers. This article delves into the details of Section 80TTA, its […]
The Employees’ Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, Government of India. It administers the Employees’ Provident Fund (EPF), a retirement savings scheme for employees in the organized sector. This article delves into various aspects of EPFO, including its functions, benefits, and critical information relevant to employees […]
Treasury bills, also known as T-bills, are short-term government securities vital to the financial market. These instruments play a crucial role in the economy, offering a safe investment option for individuals and institutions while providing the government with a means to raise short-term funds. This article will delve into the meaning, types, issuance, and purchasing […]
Introduction The Credit Guarantee Scheme is a crucial financial initiative to provide collateral-free credit to micro, small, and medium enterprises (MSMEs) and startups. This scheme plays a vital role in fostering entrepreneurship, encouraging innovation, and supporting the growth of small businesses. This article explores the credit guarantee scheme, its benefits for MSMEs and startups, and […]
Introduction: The fiscal deficit is a critical economic indicator measuring the gap between a government’s total expenditures and revenue (excluding borrowing). Understanding the fiscal deficit is essential for grasping a nation’s economic health and financial management strategies. This article delves into the fiscal deficit’s meaning, formula, India’s fiscal deficit, and relevance for UPSC aspirants. Fiscal […]
Filing income tax returns (ITR) is an essential responsibility of taxpayers in India. The Income Tax Department has specified different types of ITR forms based on the nature of income and the category of taxpayers. Understanding which form to use is crucial for accurate and compliant filing. This article delves into the various ITR forms, […]
