Income tax india

Income tax india
India Income Tax Di payment of principal and interest on your mortgage during a given year is Rs 2.4 lakh and Rs 3.5 lakh respectively. Now, under section 80C, you can get a tax deduction up to Rs one lakh on principal paid and 24, can get tax relief up to 1.5 lakh rupees in interest paid. However, if you and your spouse have opted for a joint mortgage, collectively entitled to claim a deduction of Rs 2 lakh and 3 lakh rupees in capital and interest rate is repaid.The governed by the Law on Income Tax of India 1961. The Indian Income Tax Department is governed by the Central Board of Direct Taxes and is part of the Department of Revenue, Ministry of Finance, Government. India.Interest savings and the FDR is completely passive and must be added to total income.