Section 80C

Tax Deductions – A Quick Summary

Income Tax - Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […...

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Tax implication of partial or full withdrawals from PPF, EPF & NPS

Income Tax - We have already discussed the withdrawal facility for three major retirement products- Employee Provident Fund (EPF), Public Provident Fund (PPF) and National Pension System (NPS) in previous articles. Now it is logical to understand and discuss the tax implications for such withdrawals....

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4 Expenditures Under Section 80C That Can Help You Save Tax

Income Tax - Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for the rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under Section 80C and by putting your money in […]...

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Computation of Income Tax – FAQs & Examples

Income Tax - 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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Is PPF as tax saving product better than ELSS now

Income Tax - First there was 10% tax on equity share and equity oriented mutual funds schemes (ELSS is an equity oriented scheme) and now the recent increase in the PPF rates accompanied with meltdown in the equity market has created a perception that PPF has become a better tax saving product than ELSS.  Is it really so? Let us […]...

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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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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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Sec. 80C deduction on Investment in HDFC Retirement Saving Fund eligible from AY 2016-17

Notification No. 91/2015 - Income Tax - (08/12/2015) - Notification No. 91/2015 - Income Tax Central Government hereby specifies the HDFC Retirement Savings Fund, set up by the HDFC Mutual Fund registered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 having registration No. MF/044/00/6, dated the 30th June 2000, as a...

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Sukanya Samriddhi Account deposit eligible for Section 80C Deduction

Notification No. 09/2015 - Income Tax - (21/01/2015) - Notification No.09/2015 - Income Tax In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 'Sukanya Samriddhi Account' for the purposes of the said clause....

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Govt. notifies 'Reliance Retirement Fund' as pension fund for deduction U/s. 80C

Notification No. 90/2014-Income Tax - (23/12/2014) - Notification No. 90/2014-Income Tax S.O.(E) In exercise of the powers conferred by clause (xiv) of sub- section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Se...

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Section 80C- Bank term Deposit Limit increased to Rs. 1.50 Lakh

Notification No. 63/2014-Income Tax - (13/11/2014) - Notification No. 63/2014-Income Tax Finance Minister has increased Limit Under Section 80C of the Income Tax Act to Rs. 1.50 Lakh vide Budget 2014 w.e.f. Assessment Year 2015-16 and now CBDT has inconformity with the 80C amendment increased the Limit for Investment in Bank Term Deposit for the Purp...

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Recent Posts in "Section 80C"

Tax Deductions – A Quick Summary

Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […...

Read More
Posted Under: Income Tax |

Tax implication of partial or full withdrawals from PPF, EPF & NPS

We have already discussed the withdrawal facility for three major retirement products- Employee Provident Fund (EPF), Public Provident Fund (PPF) and National Pension System (NPS) in previous articles. Now it is logical to understand and discuss the tax implications for such withdrawals....

Read More

4 Expenditures Under Section 80C That Can Help You Save Tax

Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for the rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under Section 80C and by putting your money in […]...

Read More
Posted Under: Income Tax |

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.:...

Read More
Posted Under: Income Tax | ,

Is PPF as tax saving product better than ELSS now

First there was 10% tax on equity share and equity oriented mutual funds schemes (ELSS is an equity oriented scheme) and now the recent increase in the PPF rates accompanied with meltdown in the equity market has created a perception that PPF has become a better tax saving product than ELSS.  Is it really so? Let us […]...

Read More
Posted Under: Income Tax |

Have the tax saving Fixed deposits become more attractive to senior citizens

The recent increase in the interest rates on small savings schemes for the current quarter will sooner than later force the banks to increase interest rates offered by them on fixed deposits. With the imminent increase in the fixed deposits interest rates by the banks, the fixed deposits will become a more attractive investment product sp...

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Posted Under: Income Tax |

Reduce your tax & optimize your returns with ELSS

Under tax laws, savers have a complete buffet of tax saving instruments like Life Insurance, Public Provident Fund (PPF), tax-saving fixed deposits, National Savings Certificate (NSC), and Equity-linked Saving Scheme (ELSS). Yet, in reality, individuals often make wrong investment decisions with their tax-saving investments....

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Posted Under: Income Tax |

Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments.  Let […]...

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Posted Under: Income Tax |

Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name....

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Posted Under: Income Tax |

Analysis of Sukanya Samriddhi Savings Account

Sukanya Samriddhi Savings Account (Sukanya Samridhi Yojna) launched by Govt recently has received very good response as PM Mr. Narendra Modi gave personal attention to this scheme as a part of ‘Beti Bachao Beti Padhao’ campaignThis long term savings plan which aims to provide wealth in two stages, viz at the time of higher education o...

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Posted Under: Income Tax |

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