Section 88 of ITA, 1961 : Section 88: Rebate On Life Insurance Premia, Contribution To Provident Fund, Etc

ITA, 1961

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Explanation using Example

Imagine an individual, named Rohan, who works for a software company and earns a salary of ₹4,00,000 per year. He has made some investments and expenditures that qualify for deductions under Section 88 of the Income-tax Act, 1961. Here's how the law applies to him:

Rohan has paid ₹50,000 as a premium for a life insurance policy on his own life.
He has also contributed ₹30,000 to the Publ...

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Explanation using Example

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