Section 24(b): Home Loan Interest Deduction in ITR.
A home loan is often the biggest financial commitment of our lives. While buying a house brings joy and stability, the long-term EMIs can feel overwhelming. This is why understanding the Home Loan interest deduction in ITR becomes essential. This is where tax laws—especially Section 24(b)—step in to offer relief.
For individual sellers who are not registered under GST, this change does not apply. This means private sales between individuals remain outside the purview of the revised GST rate. However, for businesses dealing in pre-owned vehicles, the adjustment is expected to impact pricing and potentially alter market dynamics.
Understanding Business Loan for Startup in India:
Types of Government Loan Schemes for Startups:
There are several government loan schemes tailored specifically for business loans for startup in India. Some of the most popular ones include:
1. Pradhan Mantri Mudra Yojana (PMMY)
Launched in 2015, …….
This deduction is available for both preventive and curative medical expenses.
Self and family: Taxpayers below 60 years of age can claim a deduction of up to ₹25,000 for medical expenses incurred for themselves and their family members.
Parents: In addition to the above deduction, taxpayers can also claim a deduction of up to ₹25,000 for medical expenses incurred for their parents.
Section 80C of the Income Tax Act, 1961 is a popular section that allows taxpayers to claim deductions from their taxable income. Under this section, taxpayers can claim deductions for investments made in various financial instruments and schemes. The maximum deduction allowed under Section 80C is ₹1.5 lakhs per financial year.
When it comes to financing significant purchases or managing unexpected expenses, loans can be a crucial resource. Car loans and personal loans are two of the most common types of loans individuals consider. While both serve the purpose of providing necessary funds, they differ significantly in terms of structure, purpose, and benefits. In this article, …
The Difference Between Car Loan and Personal Loan Read More »
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A personal loan provides the opportunity to borrow funds and gradually repay them. Explore the fundamentals of what is personal loan , its operational mechanism, and potential applications.
A retail loan, also known as a consumer loan, is a popular financing option provided by certified financial institutions, including commercial banks and credit unions, to individuals who wish to purchase assets such as property, electronics, vehicles, and other essentials.
The frequency of filing GST returns is contingent on the taxpayer’s type. Below, we outline the important dates of GST filing:
