Section 80CCD

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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Budget 2017: Section 80CCD limit for self-employed individual increased to 20%

Income Tax - Section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD (1) cannot exceed 10% of salary in case of an employee or 10% of gross total income in case of other individuals. ...

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Budget 2017- New Benefits announced for NPS Subscribers

Income Tax - Existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from National Pension System (NPS) to a subscriber on closurer of his account or opting out shall be exempt up to 40% of total corpus at time of withdrawal . ...

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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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National Pension Scheme in India

Income Tax - CMA Amit Bansal 1. What is National Pension Scheme? The National Pension System (NPS) is a defined-contribution pension system operated by the Government of India. Contribution can be made by Employee himself or his Employer. Also any person not in Employment i.e. Self Employed can also contribute to NPS. 2. Who control NPS in India...

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Additional deduction of Rs. 50000 for NPS Investment

Income Tax - Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

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How to Open NPS Account Online and Tax Benefits

Income Tax - Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤  Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤  Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔  ...

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CBDT notifies Atal Pension Yojana u/s 80CCD

Notification No. 7/2016-Income Tax - (19/02/2016) - Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I, Section 1, vide number F. No. 16/1/2015-PR dated the 16th October, 2015 as a pension scheme for the purposes of the said section....

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Recent Posts in "Section 80CCD"

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...

Read More

Budget 2017: Section 80CCD limit for self-employed individual increased to 20%

Section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD (1) cannot exceed 10% of salary in case of an employee or 10% of gross total income in case of other individuals. ...

Read More
Posted Under: Income Tax |

Budget 2017- New Benefits announced for NPS Subscribers

Existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from National Pension System (NPS) to a subscriber on closurer of his account or opting out shall be exempt up to 40% of total corpus at time of withdrawal . ...

Read More
Posted Under: Income Tax |

Additional deduction of Rs. 50000 for NPS Investment

Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

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 | ,

National Pension Scheme in India

CMA Amit Bansal 1. What is National Pension Scheme? The National Pension System (NPS) is a defined-contribution pension system operated by the Government of India. Contribution can be made by Employee himself or his Employer. Also any person not in Employment i.e. Self Employed can also contribute to NPS. 2. Who control NPS in India...

Read More
Posted Under: Income Tax |

Budget 2016: Tax on EPF, Approved Super Annuation & New Pension Fund

Feb 2016 witnessed a few important changes for salaried class assessee enjoying their provident fund bounties. While vide Government Notification dated 10-02-2016 withdrawal of employer contributions till 58 years of age was prohibited, Finance Bill 2016 created mayhem over taxability on withdrawal of entire provident fund accumulations....

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Posted Under: Income Tax |

FM withdraws proposal to tax EPF/Superannuation Fund

In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016....

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Posted Under: Income Tax | ,

Tax on 60% of EPF/ NPS Contribution wef 01.04.2016

In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balan...

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Posted Under: Income Tax | ,

Avail the Tax Bonanza by investing Rs. 50,000/- in NPS

One of the biggest tax saving bonanza by the Finance Act-2015 was insertion of sub-section 1B to section 80CCD in the Income Tax Act-1961 whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS)....

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Posted Under: Income Tax | ,
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