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Citizens who belong to a specific community and have made an investment in equity savings schemes that are declared by the government of india get to enjoy income tax exemptions under section 80ccg.
Tax sections in india. The lta tax break can be claimed for travel of self and family members for journeys undertaken within india. 1 50 000 with effect from assessment year 2015 16 amended sub section 1 has clarified that a non government employee can claim deduction under section 80ccd even if his date of joining is prior to january 1 2004. Starting from the year 1961 cbdt has omitted various sections by the relevant direct tax laws amendment acts.
As per section 80tta an individual can claim a deduction of interest income up to rs 10 000 if the interest income is earned through saving deposit scheme alone. Section 80ccg of the income tax act permits a maximum deduction of rs 25 000 per year with specified individual residents eligible for this deduction. Clarification in relation to notification issued under clause v of proviso to section 194n of the income tax act 1961 the act prior to its amendment by finance act 2020 fa 2020.
Taxes come in various forms such as state taxes central government taxes direct taxes indirect taxes and so on. For understanding the overall concept of income tax law in india one should have to know the title or contents topics covered under sections 1 to 298 of income tax act 1961 as amended by the latest finance act. This differentiation is based on how the tax is being paid to the government.
Very few people get to enjoy the income tax exemptions under this section of the income tax act. Income tax in india detailed guide for salaried businessmen income tax slabs rates of india fy 2020 2021 rules sections e filling https www incometaxindia gov in. Rs 5 lakh re 1 you will be in tax net as per current income tax laws a person is eligible for tax rebate up to rs 12 500 under section 87a if the net taxable income does not exceed rs 5 lakh.
Investments in equity savings schemes notified by the government are permitted for deductions subject to the limit being 50 of the amount invested. Income tax deduction on interest income under income tax act section 80tta lays down the tax deduction rule for interest income. For simplicity s sake we will be dividing the types of taxes payable in india into two categories direct taxes and indirect taxes.
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