Section 80C

Submission of Investment Proof – An annual essential task

Income Tax - The tax season is just over, and income tax filing is an essential task annually. We Hope everyone filed ITR and even got their refund.  Now that the ITR filing is done, if you are an employee, the other important task is the Submission of Proof of investment that has to be done every year. […]...

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What are ELSS Funds and their taxability

Income Tax - When Investors search for investment opportunities that give good returns with tax-saving benefits then the name of an equity-linked saving scheme emerges. ELSS is a mutual fund that invests in the stock market or equity. In this article, we will discuss all the aspects which you need to know about ELSS Mutual Fund. What is […]...

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Tax savings from Home loans – Analysis of section 24(b), 80EE, 80EEA & 80C

Income Tax - Conversation between Krishna and Radha Radha: Krishna, can we buy a new house for us. Krishna:  Sure, but this year I have to invest to claim tax benefits so we can think about this next year. Radha: Oh Krishna, it seems you don’t know about tax benefits from loans taken for house property. Krishna : […]...

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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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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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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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No tax on insurance premium if section 80C deduction was not claimed

Kantilal Jain Vs ITO (ITAT Bangalore) - Assessee in respect of premium paid to insurance company could not be brought to tax subject to the fact that assessee should not avail deduction u/s 80C of Act in respect of premium paid towards that insurance policy....

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Section 80C disallowance: ITAT directs AO to consider submission of Assessee

Suba Singh Vs ITO (ITAT Amritsar) - Ld. CIT(A) did not consider submission of Assessee and wrongly observed in impugned order that appellant has not given any submissions and evidences regarding the disallowance of deduction u/s.80C ...

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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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Section 80C deduction eligible on LIC Jeevan Akshay-VII Plan

Notification No. 134/2021- Income Tax [S.O. 5056(E)] - (06/12/2021) - CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12.2021 that Jeevan Akshay-VII Plan of the Life Insurance Corporation of India qualifies for deduction under section 80C of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi,...

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Format of Deceleration of Income Tax Deduction Claimed & House Rent Receipt

Circulars No. 76 - (02/11/2021) - Proof of savings/documents viz. insurance premium receipt, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate from bank, rent receipt, Copy of House Owner’s Pan Card etc...

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National Pension Scheme Tier II-Tax Saver Scheme 2020

Notification No. 45/2020-Income Tax F. No.370142/26/2019-TPL [S.O. 2232(E)] - (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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Recent Posts in "Section 80C"

Submission of Investment Proof – An annual essential task

The tax season is just over, and income tax filing is an essential task annually. We Hope everyone filed ITR and even got their refund.  Now that the ITR filing is done, if you are an employee, the other important task is the Submission of Proof of investment that has to be done every year. […]...

Read More
Posted Under: Income Tax |

No tax on insurance premium if section 80C deduction was not claimed

Kantilal Jain Vs ITO (ITAT Bangalore)

Assessee in respect of premium paid to insurance company could not be brought to tax subject to the fact that assessee should not avail deduction u/s 80C of Act in respect of premium paid towards that insurance policy....

Read More

What are ELSS Funds and their taxability

When Investors search for investment opportunities that give good returns with tax-saving benefits then the name of an equity-linked saving scheme emerges. ELSS is a mutual fund that invests in the stock market or equity. In this article, we will discuss all the aspects which you need to know about ELSS Mutual Fund. What is […]...

Read More
Posted Under: Income Tax |

Tax savings from Home loans – Analysis of section 24(b), 80EE, 80EEA & 80C

Conversation between Krishna and Radha Radha: Krishna, can we buy a new house for us. Krishna:  Sure, but this year I have to invest to claim tax benefits so we can think about this next year. Radha: Oh Krishna, it seems you don’t know about tax benefits from loans taken for house property. Krishna : […]...

Read More
Posted Under: Income Tax |

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
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

Tax Saving Under section 80C of Income Tax Act 1961

Tax Saving under Section 80C – Income Tax Individual and HUF Allowable deduction under Section 80C of Income tax to avail tax saving benefits upon the payment of amount or deposit of amount. Limit of deduction under section 80C is Rs. 1,50,000 (In Aggregate) List of Major deduction eligible under section 80C is as below: […]...

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Posted Under: Income Tax |

Benefits of Housing Loan

1. Tax benefits:- 1. Section 80 C :- Upto 150000 of principal repayment 2. Section 24(b):- Interest on borrowed capital as follows :- a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction. b) In respect of self-...

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Posted Under: Income Tax |

Save Tax- With Investment or Without Investment

The March ending of a financial year is not just important for CA’s in completing the income tax assignments for the previous financial year but also for taxpayers in order to invest in different instruments for tax saving purposes. However the perception has changed in recent times and now the taxpayers not only want to […]...

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Posted Under: Income Tax | ,

Save Taxes the Right Way (Invest+Tax Savings)

It’s that time of the year when you need to invest in different investment products to enable tax savings for FY 2021-22 OR else regret after March that you did not utilize the benefit of various deductions available for you Now a days, nobody wants to invest just for Tax savings, everybody wants such investment […]...

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Posted Under: Income Tax | ,

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