INCOME TAX

 INCOME TAX 2024-25 

INCOME TAX DEDUCTION 

வருமான வரி 

Deduction / Exemption on Income Tax Allowed in New Tax Regime 19 NOV 2024 

CLICK HERE INCOME TAX DEDUCTIONS ALLOWED IN NEW TAX REGIME PDF

Income Tax Deduction!

*What is Income Tax Deduction?*

Income tax deduction refers to the reduction in taxable income, resulting in lower tax liability. It's allowed under various sections of the Income Tax Act, 1961.

*Types of Income Tax Deductions:*

1. *Standard Deduction*: Flat deduction from taxable income.

2. *Itemized Deductions*: Specific expenses deducted from taxable income.

3. *Tax-exempt Income*: Income not subject to tax.

*Common Deductions under Income Tax Act:*

*Section 80C:*

1. Life insurance premiums

2. Provident Fund (PF) contributions

3. Equity-linked savings schemes (ELSS)

4. Home loan principal repayment

5. Education loan interest

*Section 80D:*

1. Health insurance premiums

2. Medical expenses

*Section 80E:*

1. Education loan interest

*Section 80G:*

1. Charitable donations

*Section 24:*

1. Home loan interest deduction

*Other Deductions:*

1. Section 80TTA: Interest on savings account

2. Section 80RRB: Royalty income

3. Section 80QQB: Dividend income

*How to Claim Deductions:*

1. Maintain records of expenses and investments.

2. File income tax return (ITR) within deadline.

3. Claim deductions in ITR form.

*Benefits of Income Tax Deductions:*

1. Reduced tax liability

2. Increased take-home salary

3. Encourages savings and investments

*Important Deadlines:*

1. March 31st: Last date for investing in tax-saving schemes.

2. July 31st: Last date for filing ITR.