Section 80CCC

Deduction under section 80C and Tax Planning

Income Tax - Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

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Points to be Kept in Mind before filing Income Tax Return

Income Tax - SELECTION OF RETURN FORM TO BE USED The first step in filing of a tax return is to select the correct Form of return. It should be noted that the Forms of return may be changed in the middle of the year. The taxpayer, therefore, need to file in the new form. There are seven […]...

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Investments which qualifies for deduction u/s. 80C

Income Tax - Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Income Tax provisions – Individual Salaried for A.Y 2015-16

Income Tax - The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season....

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Income Tax Deduction Under section 80CCC and 80CCD

Income Tax - As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB) of se...

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Recent Posts in "Section 80CCC"

Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

Read More
Posted Under: Income Tax | ,

Points to be Kept in Mind before filing Income Tax Return

SELECTION OF RETURN FORM TO BE USED The first step in filing of a tax return is to select the correct Form of return. It should be noted that the Forms of return may be changed in the middle of the year. The taxpayer, therefore, need to file in the new form. There are seven […]...

Read More
Posted Under: Income Tax | ,

Investments which qualifies for deduction u/s. 80C

Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

Read More
Posted Under: Income Tax | ,

Income Tax provisions – Individual Salaried for A.Y 2015-16

The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season....

Read More
Posted Under: Income Tax |

Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB) of se...

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Posted Under: Income Tax |

Income Tax Deductions for A.Y. 2014-15/ 2015-16 for Salaried

The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former ar...

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Posted Under: Income Tax |

Union Budget 2015 – Key takeaways for individuals

The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they pla...

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Posted Under: Income Tax |

Limit of deduction under 80CCC raised to Rs. 1.50 Lakh

Budget 2015-16 – Raising the limit of deduction under Section 80CCC Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep […]...

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Posted Under: Income Tax | ,

Life Insurance Premium- Tax benefit on Payment and Maturity

Life insurance policies can be used as tax planning tool as premium paid on Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act 1961 (Act) and Maturity Proceeds are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii). ...

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Tax benefits from Investment in Mutual Funds

Let me begin by describing the meaning of a Mutual Fund. It is a financial product that pools money of different individuals and invests on their behalf into various assets such as equity, debt or gold as per the objective of the scheme. Based upon the investor’s financial goals and risk appetite, there are several funds to choose from....

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Posted Under: Income Tax |
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