Category: Personal Income Tax

HRA tax exemption under section 10 (13A) Updated on February 29th 2016: Majority of the salaried people get an allowance for taking care of the rent that they pay for their home. This is called House Rent Allowance, or HRA. The Indian Income Tax Laws considers housing as a basic necessity, and hence gives sympathetic treatment to the HRA Allowance received by the employees, by way of giving some tax benefits under section 10 (13A) of Income Tax Act, Government of India.… Read more

Income Tax Deductions section 80C Each year most of the people eagerly wait for the budget proposals to be announced for various reasons. One of the significant reasons is to know what all instruments of investments and deductions / exemptions have been included in the Section 80C of Indian Income Tax for employees, so that they can plan their tax savings according to the same, and maximize the benefits.… Read more

Income Tax Exemption on Housing Loan Tax rebate on home loans means that you can benefit and save significant part of your tax liability if you have taken a home loan. It works in following manner. Post updated on 10th July 2014 Interest paid on the home loan In the budget presented on 10th July 2014 the interest limit on housing loan has been increased from Rs 1.5 L to 2 L  for claiming income tax exemption. … Read more