Section 80C news

No Tax on Digital Turnover up to 66 Lakh after section 80C benefit

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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Posted Under: Income Tax | ,

Senior Citizen Savings Schemes – Taxation and Status

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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Posted Under: Income Tax |

Rajan wants increase in Tax Exemption Limit

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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Posted Under: Income Tax |

LIC Jeevan Sugam – New Single premium plan

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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Posted Under: Income Tax |

Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh

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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Posted Under: Income Tax | ,

Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP

A government committee has suggested raising interest rates on Post Office savings bank deposits to four per cent, a suggestion that could benefit lakhs of small depositors. The Committee on Small Savings also recommended linking returns on other small savings schemes with interest rates on government securities. It has also suggested t...

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Posted Under: Income Tax |

Life policies- Insurers seek separate exemption limit

The insurance industry wants the government to create a separate tax exemption limit of Rs 50,000 for life insurance premium in the forthcoming Budget to encourage more individuals to buy such policies. ...

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Posted Under: Income Tax |

Budget 2011-12- Tax Exemption Limit u/s. 80C may hiked to Rs. 120000

To give some relief to common man battling rising prices, finance minister Pranab Mukherjee is expected to raise the exemption limit on annual savings of an individual in the upcoming Budget. The savings exemptions may be raised in the Union Budget ...

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Posted Under: Income Tax |

Deduction U/S 80CCF for investment in Long term Infrastructure Bonds Allowed

The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided...

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Posted Under: Income Tax |

Insurance sector asked for separate limit under section 80C for long-term saving

We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed deposits. Life insurance and pensions are the only segments of financial services that address t...

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Posted Under: Income Tax |

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