Section 80C

Myths and misconceptions about Personal Income tax

Income Tax - Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Check new deadlines to file ITR for FY20, FY19 & Other due dates

Income Tax - Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

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Housing Loan Deductions under Income Tax Laws

Income Tax - Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]...

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Best Tax Saving Instruments

Income Tax - The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income taxes. It will be superb if such tax savings along with it also brings good return on the investments with good lock in period that can be utilized at time […...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Income Tax - Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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No Tax on Digital Turnover up to 66 Lakh after section 80C benefit

Income Tax - If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover. ...

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Senior Citizen Savings Schemes – Taxation and Status

Income Tax - Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on deposit is taxable....

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Rajan wants increase in Tax Exemption Limit

Income Tax - In Mumbai on Wednesday RBI Governor Raghuram Rajan said that there is a need for increase in tax exemption limit under section 80C  on financial investments by individuals. Currently Section 80C  allows investments up to Rs.1.50 lakh. Section 80C was introduced in place of section 88 w.e.f. 1-4-2006. Limit of One Lakh of Investment unde...

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LIC Jeevan Sugam – New Single premium plan

Income Tax - LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you....

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Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh

Income Tax - A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....

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Sec. 80C Allowable on Principal Loan Payment for residential Flat irrespective of use

A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) - The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom....

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Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45 /2020/ F. No.370142/26/2019-TPL - (07/07/2020) - CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  Nationa...

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Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

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Relaxation guidelines for PPF and Sukanya Sarnriddhi Account

F.No. 14/6/2020-NS - (11/04/2020) - The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for FY 2019-2o till 30.06.2020 subject to the condition of maximu...

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No penalty/revival fee in RD/PPF/SSA Accounts till 30.06.2020

SB Order No. 14/2020 - (31/03/2020) - The subscribers of RD/PPF/SSA Accounts may deposit the mandated due amount, if any of current F.Y. (2019-20) and April, 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/revival fee shall be charged...

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Sukanya Samriddhi Account Rules, 2016

G.S.R.323(E) - (18/03/2016) - Sukanya Samridhi Account may be opened by the guardian in the name of a beneficiary who has not attained the age of ten years as on the date of opening of the Account:...

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Recent Posts in "Section 80C"

National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45 /2020/ F. No.370142/26/2019-TPL (07/07/2020)

CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with  National Pension Scheme (NPS) Tier II-Tax Saver...

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Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

Read More
Posted Under: Finance |

Check new deadlines to file ITR for FY20, FY19 & Other due dates

Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

Read More
Posted Under: Finance |

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 (24/06/2020)

Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last [&hel...

Read More

Housing Loan Deductions under Income Tax Laws

Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]...

Read More
Posted Under: Finance |

Best Tax Saving Instruments

The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income taxes. It will be superb if such tax savings along with it also brings good return on the investments with good lock in period that can be utilized at time […...

Read More
Posted Under: Finance |

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

Read More

Computation of Income Tax – FAQs & Examples

Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

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Posted Under: Finance | ,

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: Finance |

Impact of extension of Timeline for Section 80C Investments

This article analyses the impact of extension of the last date for tax saving for FY 2019-20 from March 31, 2020 to June 30, 2020. 1) If Salary is Computed or Paid by Employer before Investment By Apr 2020 or May 2020, salary for FY 2019-20 would have been already paid. The employers would have […]...

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Posted Under: Finance |

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