Deductions available for Individuals

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

Leave a Comment / INCOME TAX / By / June 12, 2022 / , , ,

​​​​​​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 Act Long Term Capital Gain (LTCG) under section 112A of the …

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All deductions available for Individuals while filing IT Returns

INCOME TAX / By / February 3, 2022 / , , ,

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 interest paid on housing loan is  ₹ 2 lakh. However, this …

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