Arrow
Top 10 Income Tax Acts
Understanding key tax acts and sections can help you save money. The Income Tax Act, 1961 is the main law. Many sections are also important.
Arrow
Income Tax Act, 1961
This is the main law. It covers how income tax is charged and collected. It is the legal framework for all tax matters in India.
Arrow
Section 80C
You can claim a deduction of up to ₹1.5 lakh on your income. Invest in PPF, ELSS mutual funds, and life insurance. Pay for a child’s tuition.
Arrow
Section 80D
Save tax on health costs. Claim deductions for health insurance premiums for yourself and family. The limit is higher for senior citizens.
Arrow
Section 24
Get a deduction on home loan interest. For a self-occupied home, you can save up to ₹2 lakh yearly.
Arrow
Section 80EE
First-time homebuyers can get an extra deduction of up to ₹50,000 on home loan interest. It is over and above Section 24.
Arrow
Section 80G
Donate to charity and save tax. You can claim a deduction on the amount you donate. The percentage can be 50% to 100%.
Arrow
Section 80TTA
Claim a deduction of up to ₹10,000 on interest from your savings account. This is for individuals and Hindu Undivided Families.
Arrow
Section 10(13A)
A portion of your House Rent Allowance is tax-free. The exemption depends on your salary, rent, and city.
Arrow
The Finance Act
The annual budget introduces this act. It brings changes to tax laws and sets new tax rates for the coming year.
Arrow
Income Tax Rules, 1962
This provides details for the Income Tax Act. It covers how to file returns and other procedures. This helps implement the main law.