Section 80C

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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Life insurance and tax benefits

Income Tax - Your life is your ultimate investment and the well-being of your family is your principal asset. And when you invest in Max life insurance policies you ensure an economically secured future for your beloved ones. There is a common perception that the premium which is paid towards the life insurance policies is completely free of […...

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How to Save Income Tax

Income Tax - You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA...

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New-age ULIP for New-age Millennials

Income Tax - Bajaj Allianz Life Insurance Company Ltd., one of the premier insurance providers in the country brings to you a new age, goal-oriented Unit Linked Insurance plan - Bajaj Allianz Life Goal Assure - for the new-age millennials offering investment benefits like Return on Mortality Charges (ROMC) and Return Enhancer....

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A Nifty Guide to Reducing your Taxes After Retirement

Income Tax - To ensure a smooth retirement, you must plan your finances in advance. Make it a priority to invest in the right avenues to multiply your wealth and also to reduce your tax liability. This will allow you to bolster your income post retirement and help you live a financially secure life after retirement. Take a […]...

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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 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 |

Life insurance and tax benefits

Your life is your ultimate investment and the well-being of your family is your principal asset. And when you invest in Max life insurance policies you ensure an economically secured future for your beloved ones. There is a common perception that the premium which is paid towards the life insurance policies is completely free of […...

Read More
Posted Under: Income Tax |

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....

Read More

How to Save Income Tax

You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA...

Read More
Posted Under: Income Tax |

New-age ULIP for New-age Millennials

Bajaj Allianz Life Insurance Company Ltd., one of the premier insurance providers in the country brings to you a new age, goal-oriented Unit Linked Insurance plan - Bajaj Allianz Life Goal Assure - for the new-age millennials offering investment benefits like Return on Mortality Charges (ROMC) and Return Enhancer....

Read More
Posted Under: Income Tax |

A Nifty Guide to Reducing your Taxes After Retirement

To ensure a smooth retirement, you must plan your finances in advance. Make it a priority to invest in the right avenues to multiply your wealth and also to reduce your tax liability. This will allow you to bolster your income post retirement and help you live a financially secure life after retirement. Take a […]...

Read More
Posted Under: Income Tax |

Section 80C deduction can be claimed despite late Return Filing: Do not fall for rumours

Article deal with recent Rumors in Social Media that If Income Tax Return not filed within due date, the entire Chapter VIA deductions will not be allowed which includes some of the Popular deduction i.e. Section 80C, Section 80D, etc. Some have even called it as hidden Bomb of Union Budget 2018. By this article I would like to clarify ...

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Posted Under: Income Tax | ,

Diversify your investments to have a consistent and long-term growth of your Assets

Come December-January and salaried individuals get into the last round of tax saving investments. The reminder mails from payroll department makes many to wakes up and look for some option that will help them to save tax. ...

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Posted Under: Income Tax |

Taxes in India on Cryptocurrency

The financial market remains abuzz with all sorts of new stories and some of them are about highly impactful items. The most recent of such news stories is that of cryptocurrencies. Cryptocurrencies came to the limelight with skyrocketing rise of the Bitcoin, a virtual currency that grew by 1500% in the last year alone. There […]...

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Posted Under: Income Tax |

Unit-Linked Insurance Plans (ULIPs) to achieve your Life Goals

ULIPs are dual combination insurance plans that not only give you the life cover but it helps you to save for your future goals.  Most of the wealth plans will ask you to pay premiums for a certain period, once your policy gets over i.e. the end of the policy, they will pay a lump […]...

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Posted Under: Income Tax |
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