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Income Tax - Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cover all in your checklist. -Apart from 80C, one must look at section 80CCC (included under the section 80C limit) and section 80D allows medical insurance premium ins...
Read MoreIncome Tax - Deduction of home loan – Principal Interest……. There are mainly two components in repayment of home loan Instalment. Principal Amount and Interest part. An assessee get deduction of principal under section 80C of chapter VI A of Income Tax Act 1961 subject to maximum amount of Rupees 1,50,000 as mentioned in previous article. In the...
Read MoreIncome Tax - Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum deduction one can claim from chapter VI-A is equal to his Gross total Income. The chapter contains deductions in respect of certain payments, deductions in […]...
Read MoreIncome Tax - Paying tax is an important responsibility of an individual towards a nation, however, at the same time, with financial planning you can save your taxes while fulfilling your responsibility by using the tax saving schemes given by the government. Tax planning is an integral part of a financial plan that helps in the reduction of […]...
Read MoreIncome Tax - Section 80C Deductions to be deducted while computing total income for Financial Year (F.Y 2020-21)/ Assessment Year 2021-22 (A.Y 2021-22) The aggregate amount of deductions allowed under section 80C (along with 80CCC & 80CCD) is INR 1,50,000. The deductions under section 80C are allowed only to the following assessees:- a. Individu...
Read MoreIncome 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. ...
Read MoreIncome Tax - Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on deposit is taxable....
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreA. 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 MoreM/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. ...
Read MoreNotification 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...
Read MoreNotification 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 ...
Read MoreF.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...
Read MoreSB 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...
Read MoreG.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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