Section 80C articles

Best Tax Saving Instruments

The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income taxes. It will be superb if such tax savings along with it also brings good return on the investments with good lock in period that can be utilized at time […...

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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...

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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.:...

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Posted Under: Income Tax | ,

Tax benefits from Investment in Mutual Funds

Let me begin by describing the meaning of a Mutual Fund. It is a financial product that pools money of different individuals and invests on their behalf into various assets such as equity, debt or gold as per the objective of the scheme. Based upon the investor’s financial goals and risk appetite, there are several funds to choose from....

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Posted Under: Income Tax |

Impact of extension of Timeline for Section 80C Investments

This article analyses the impact of extension of the last date for tax saving for FY 2019-20 from March 31, 2020 to June 30, 2020. 1) If Salary is Computed or Paid by Employer before Investment By Apr 2020 or May 2020, salary for FY 2019-20 would have been already paid. The employers would have […]...

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Posted Under: Income Tax |

Checklist of Important Tasks to Do in FY 2020-21

1. The composition scheme is applicable to manufacturers or traders whose taxable business turnover is up to Rs 1.5 crore (Rs 75 lakh in case of Specified States). A service provider can also opt for the scheme if his taxable turnover is up to Rs 50 lakh. This limit is to be checked in the […]...

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Posted Under: Income Tax |

TDS on Salaries – Procedure to deduct TDS – Compliances

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...

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Posted Under: Income Tax | ,

Withdrawal of Provident Fund and Its Taxability – Synopsis

PF withdrawal is taxable if a person has worked in the company for less than 5 years. Tax cannot be saved even by investing in any govt schemes / bonds. It just gets added to income from salaries, and then the taxability will depend upon the Gross Income of the assessee. ...

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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 |

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

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Posted Under: Income Tax |

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