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Can Total Deductions Exceeds Gross Total Income (GTI) in Income Tax

Can Total Deductions Exceeds Gross Total Income (GTI) in Income Tax

by | Jun 12, 2022 | INCOME TAX

​​​​​​Deductions provided under Chapter VIA of the Income tax Act, cannot exceed the Gross Total Income (GTI). Income here means all the income accumulated in the GTI and reduced by the incomes mentioned below: Long term Capital Gain (LTCG) under section 112 of the...
All deductions available for Individuals while filing IT Returns

All deductions available for Individuals while filing IT Returns

by Anil Kumar Tenneti | Feb 3, 2022 | INCOME TAX

Investments / Payments / Incomes on which Individuals can get Tax Benefit -Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of...

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