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Discover 10 Expenses Eligible For Deductions in India

Discover 10 Expenses Eligible For Deductions in India

Tax-payers are always in this doubt about whether they are able to fill out the right tax filings and also get the right deductibles. From the early times CAs and tax accountants have been doing taxes for business owners and other taxpayers who usually have huge calculations to do.

But, if you are not sure about your tax deduction claims, you have landed at the right place. The reason is you are about to discover one of the best income tax consultant in Durgapur.

So, as a resident of Durgapur, if you are struggling with filing taxes, let the tax consultants of Durgapur help you get rid of these problems. You might have thought this a hundred times about whether you are getting the right tax claims or might be whether your CA in Durgapur is providing you with the right services.

Hence, we are here to uncover the ten purchases where you can claim deductions. But before that, there are several who still are not aware of tax-deductible incomes.

What are tax-deductible incomes in India?

So, tax-deductible incomes are those that you can claim back with the help of an adept CA in Durgapur, from the government of India after you have filed your taxes. These are usually for any expenses that are work-related or any income that you have got out of royalty.

So, let’s head to the tax deductibles in India, which you may not know yet. These are:

Home Loan Principal Repayment

For every home loan there is a principal amount that is usually granted and then the amount is calculated summing up the interest. So, the tax deduction is available under section 80C of the Income Tax Act on the principal loan amount.

Startup costs 

Startups can also claim a tax deduction on their expenses during the preoperative stage when they are just budding. As you know, in order to set up a company in India, the owners have to register in compliance with the tax laws. To know more about staying compliant with the tax laws consult with an income tax consultant in Durgapur. So, during this time they can file tax deductions under Section 35D and Section 35DDA of the Income Tax Act.

Rent Payment for Professionals 

If you are a professional living outside of your state, and you are paying for your rent as your company does not provide the HRA, you are eligible for a tax deduction on this expense. You can further know more about rent payment deductions from a chartered accountant in Durgapur.

Expense on treatment for the individuals

If you are dealing with the treatment of a person with any kind of disability, all the expenses of their treatment can be claimed for deduction under section 80DD.

Interest paid for sibling’s educational loan

If you have an ongoing education loan, might not be for yourself but for your siblings, the interest paid on it is deductible under section 80E. Also, learn about how you can save more on your taxes by hiring an income tax consultant in Durgapur.

Office repairs and maintenance

Office repairs and maintenance are subject to deduction. In case you are eligible to pay taxes, and you are working from an office property, you can claim deductions for expenses on the repairs and maintenance of that place. To know that if you are liable to pay taxes, you can get free consultations from CA in Durgapur.

Bike-related expenses 

If you were thinking that car-related expenses are only tax-deductible, the times have changed. Now, you also have the right to duct taxes on the expenses like bike repairs, servicing for bikes that have gone out of warranty, etc.

Medical Expenses for dependents 

Medical expenses for dependents also fall under the tax deduction category. If you are the sole income person and you are eligible to pay taxes, then you are also allowed to claim a deduction under section 80DDB, for illness of dependent family members. You need

Clothes 

Probably shocked knowing how you can claim your expenses after you shopped for your favorites of this year. But that’s not how it is, as claiming the deduction is available under Section 10(14) of the Income Tax Act, on clothing that falls under the category of uniforms, protective clothing, or uniform for your workplace. To know more about such fascinating deductions get in touch with a CA in Durgapur.

Donation to political parties 

If you make any donations to political parties, you can claim a deduction on that expense. But you have to ensure that the donation is for the registered parties only. The parties should be registered with the government of India, and then you can claim deductions on those donations under Section 80GGC.

 

Wrapping up

So, these are the fascinating expenses that you can claim your deductions upon. Some of them you may have considered before but now you have known quite a handful of more. Let your income tax consultant in Durgapur know if they have been considering these expenses while claiming deductions on your behalf.

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