Section 80TTA of the Income Tax Act 1961 is the section which grants deductions on interest for savings account for up to Rs.10,000/-.
Section 80GGC specifies the deduction of the Income Tax Act which is allowed from the total gross income of an individual assessee for the contributions made to a political party or an electoral trust.
Every person is required to file their tax returns within a fixed deadline & if the time limit is crossed, Section 139 provides the guidelines to deal with late filings of the return.
According to the Income Tax Act, 1961, every salaried person needs to pay an amount from their salary as tax to the country. This amount of tax is called the income tax.
Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation or assessment.
Section 80DD is the deduction for the medical maintenance of a dependant, who is a person with a major disability. The assessee should be an individual or a Hindu Undivided Family (HUF) who should be a resident of India.
The Income Tax, 1961 under Section 80EE provides certain criteria that help the tax-payer to claim a deduction up to Rs. 50,000/ on the interest paid on the home loan.
If any taxpayer will file his or her tax return late, he or she will be charged a penalty in the form of interest under section 234A.
If in any case the taxpayer delays the payment of advance tax, the income tax department impose penal interest in the form of penalty under Section 234C.
If the taxpayer delays the payment of advance tax charged on him or her, he or she will have to pay interest under section 234B.
