Section 80C

5 important tax benefits to be aware of as you apply for a home loan

Income Tax - The Income Tax Act specifies home loan tax benefits pertaining to both the principal and interest component of your loan. These help you save on taxes annually and allow you to finance your home even more affordably. As you apply for a home loan, here are 5 important tax benefits that you need to be aware of....

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80C Limits Have Not Increased but Your Savings Can, Here’s How?

Income Tax - Like every year, this time too, taxpayers were hoping for announcements that would reduce their tax burden. One notable speculation was that the government would use the opportunity to please the salaried taxpayers by enhancing the limits for deduction under Section 80C. The wishlist of the common man was simple – increase the prese...

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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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Top reasons why ELSS funds are getting popular

Income Tax - When it comes to tax saving investments, investors look for liquidity and high returns. An Equity-Linked Saving Scheme (ELSS) is a category of mutual fund that serves both purposes. A tax saver mutual fund is eligible for deduction under Section 80C of the Income Tax Act, 1961. This article lists several other reasons why ELSS […]...

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Save Tax U/s 80C – ELSS – Lowest Lock in Period

Income Tax - Last two days to save tax. It’s time to submit investment proof, please do not confuse yourself with wrong choice of Investments. I would recommend ELSS as tax saving instrument because of following reasons- Lowest lock-in period When you make any investment, the next thought is how and when you will be able to redeem […]...

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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"

5 important tax benefits to be aware of as you apply for a home loan

The Income Tax Act specifies home loan tax benefits pertaining to both the principal and interest component of your loan. These help you save on taxes annually and allow you to finance your home even more affordably. As you apply for a home loan, here are 5 important tax benefits that you need to be aware of....

Read More
Posted Under: Income Tax |

80C Limits Have Not Increased but Your Savings Can, Here’s How?

Like every year, this time too, taxpayers were hoping for announcements that would reduce their tax burden. One notable speculation was that the government would use the opportunity to please the salaried taxpayers by enhancing the limits for deduction under Section 80C. The wishlist of the common man was simple – increase the prese...

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 |

Top reasons why ELSS funds are getting popular

When it comes to tax saving investments, investors look for liquidity and high returns. An Equity-Linked Saving Scheme (ELSS) is a category of mutual fund that serves both purposes. A tax saver mutual fund is eligible for deduction under Section 80C of the Income Tax Act, 1961. This article lists several other reasons why ELSS […]...

Read More
Posted Under: Income Tax |

Save Tax U/s 80C – ELSS – Lowest Lock in Period

Last two days to save tax. It’s time to submit investment proof, please do not confuse yourself with wrong choice of Investments. I would recommend ELSS as tax saving instrument because of following reasons- Lowest lock-in period When you make any investment, the next thought is how and when you will be able to redeem […]...

Read More
Posted Under: Income Tax |

Invest To Decrease Your Tax Burden Before 31st March 2019

As the Financial Year 2018-19 is about to end. With the end of the accounting year/ financial year 31st March is the last date for various compliances, actions and decisions to be taken. One such decision is tax planning and decisions regarding Investment in various taxes saving schemes which results into deduction in Income tax […...

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Posted Under: Income Tax |

Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]...

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Posted Under: Income Tax |

3 Investment Options Offering You Equity Returns at Lower Risk

Most investors in India want to invest into options that can get them sky-high returns in the shortest possible tenure and without risking the principal money invested. As a result, these investors are always on the lookout for risk-free investment plans that can multiply their money many-folds within a few months or years only. However, ...

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Posted Under: Income Tax |

Cut your taxes not your dreams

Tax Planning is an integral part of your financial planning. Sec 80C of the Income Tax Act allows you to claim deductions from your taxable income by investing in certain investments. One of the most popular Sec 80C investments is in Tax saving mutual funds or Equity Linked Savings Scheme (ELSS). This is an equity […]...

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Posted Under: Income Tax |

Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax deduction of Rs 1.5 lakh for investment in five-year bank/post office deposits, contribution to Public Provident Fund, Employees’ Provident Fund, life insurance pre...

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Posted Under: Income Tax |

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