Senior Citizens to Save More! Tax Deduction on Interest Income Doubled to ₹1 Lakh

Senior Citizens Rejoice! Tax Deduction on Interest Income Doubled The Budget 2025-26 brings great news for senior citizens! Finance Minister Nirmala Sitharaman has announced a major relief by increasing the tax deduction limit on interest income from ₹50,000 to ₹1 lakh. Increased Tax Deduction Limit Senior citizens can now enjoy higher tax benefits on interest…

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Income Tax Deductions List – Deductions on Section 80C, 80CCC, 80CCD & 80D – FY 2023-24 (AY 2024-25)

1. Section 80C – Deductions on Investments Section 80C allows individuals and Hindu Undivided Families (HUFs) to reduce their taxable income by making specific investments or incurring eligible expenses. The maximum deduction under this section is ₹1,50,000 per annum. Eligible investments and expenses include: 2. Section 80CCC – Deduction for Pension Funds This section provides…

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Shocking! Your Tax Refund Could Be Taken Back – Here’s Why

The Income Tax Department is cracking down on fraudulent refunds. Many taxpayers unknowingly risk penalties due to incorrect filings. Here’s what you must know. Why the Tax Department is Recovering Refunds Reason Impact Fake deductions Legal action, refund recovery False donations Heavy penalties Inflated expenses Scrutiny, delayed refunds How to Check Your Refund Status What…

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