Section 80c

Section 80C: A Guide to Deductions and Investments

Introduction: Section 80C, established under the Income Tax Act of 1961, serves as a pivotal provision for tax deduction. Widely utilized by individuals and Hindu Undivided Families (HUFs), it enables a reduction in taxable income by accounting for specified expenses, savings, and investments in designated financial instruments. This comprehensive guide will walk you through all […]

Section 10

Section 10: Your Guide to Tax Exemptions

Exemptions provided under the Section 10 Income Tax serve as a privilege for taxpayers by significantly reducing their tax burden. These exemptions, available in the form of flat deductions, full exemptions of received amounts, and percentages, are crucial components of tax relief within the Income Tax Act. Hence, the income tax exemptions under Section 10 […]

ITR-4 Form

ITR-4 Form: A Guide for Presumptive Taxpayers

Introduction: The ITR-4 Form serves taxpayers who choose the presumptive taxation scheme under Sections 44ADA, 44AD, and 44AE of the Income Tax Act. This comprehensive form comprises three main sections, Part A, Part B, and Part C, supplemented by several schedules. This section provides a comprehensive overview of the ITR-4 (Sugam) form’s structure and offers […]

Section 80

A Guide to Section 80 of the Income Tax Act

Section 80 of the Income Tax Act provides for various savings and investment options to reduce taxable income. It covers sections 80C to 80U and includes a wide range of options including home loans, health insurance, investment plans and pension funds. In this way, individuals can protect their finances through long-term investments and insurance.. With […]

ITR-3 Form

ITR-3 Form: A Guide for Income Tax Filing

Introduction: Form ITR-3 is tailored for resident individuals and Hindu Undivided Families (HUFs) receiving income through business or profession. If the income is derived from activities like accounting, architecture, medicine, engineering, etc., Form ITR-3 is the right choice for filing Income Tax returns. Form ITR-3 simplifies tax liability complexity for individuals and HUFs with business […]

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