Section 80C

Section 80C of the Indian Income Tax Act provides tax benefits on various investments and expenses such as life insurance premiums, Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), etc. up to a maximum limit of Rs. 1.5 lakhs. Section 80C applies only to individual taxpayers and HUFs( Hindu Undivided Families). Corporate … Read more

Types of allowances for employee

Income Tax Allowance

In simple language, these allowances are benefits that are given to employees to reduce their taxable income. Tax-saving allowances are a great way to reduce your tax burden while also making the most of your salary.They are usually provided in addition to your salary and can be used to cover expenses that are necessary for your job. What … Read more

House Rent Allowance

House Rent Allowance

Introduction If you are a working professional or a salaried employee in India, chances are that you have heard of House Rent Allowance or HRA. It is a common component of most salary structures and is given to employees to help them meet the expenses of renting a house. In this article, we will explain … Read more