How to File Income Tax Returns in India 1. Determine the Appropriate ITR Form: Understand your income sources: Salary, business income, capital gains, rental income, etc. Select the correct ITR form: ITR-1 (Sahaj): For individuals with income from salary, pension, and other sources (with certain limits). ITR-2: For individuals and Hindu Undivided Families (HUFs) not… Read More »
Deduction in respect of expenditure on training/medical treatment of a dependent, being a person with disability [Section 80DD of Income Tax Act] A resident individual/HUF, incurring expenditure on maintenance of relative dependent, being a person with disability, can claim deduction under section 80DD. Deduction is available in respect of any of the following: (a) Expenditure… Read More »
Deduction in respect of expenditure on medical treatment of specified diseases [Section 80DDB] As per section 80DDB of Income Tax Act , a taxpayer can claim deduction in respect of expenditure incurred by him on medical treatment of specified diseases. The provisions in this regard are as follows: What are the ” specified diseases or… Read More »
Irrespective of class or income, Indians are fond of buying gold and real estate. Purchasing and selling property can be taxing. If played right, you can reduce the tax outgo. Buy Property on Loan While buying A house is the biggest purchase most people make in their lifetime and the government realises this. To give… Read More »