All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the fin...
Income Tax : The provisions detail deductions for investments, insurance, pension contributions, home loans, medical expenses, charitable donat...
Income Tax : The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life i...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand the difference between Section 87A rebate and 80C deductions under the Income Tax Act. Learn how these provisions lower...
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 b...
Income Tax : Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on depo...
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...
Finance : 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 ...
Income Tax : A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh...
Income Tax : The Tribunal held that a 12.5% disallowance could not be sustained when the Assessing Officer neither rejected the books of accoun...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal found that the assessees claim for deductions under Chapter VI-A required factual verification rather than outright r...
Income Tax : The dispute concerned restriction of leave encashment exemption to ₹3 lakh. The Tribunal allowed the full claim after applying t...
Income Tax : The Tribunal held that documents relating to payments made to suppliers such as TS MARKFED and Sri Venkateshwara Agencies required...
Income Tax : CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12.2021 that Jeevan Akshay-VII Plan of the Life Insurance Corp...
Income Tax : Proof of savings/documents viz. insurance premium receipt, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate ...
Income Tax : CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to ...
Income Tax : 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...
Finance : The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each i...
Government has provided various tax benefits to assessee on hosing loan. Income Tax Act provides tax benefits on repayment of principal component of loan as well as on repayment of interest component of loan. Deduction under section 24(b) (A) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, […]
Save on your income tax with home loans: Learn about the various tax benefits available on the repayment of principal and interest.
CA ARPAN JAIN Understanding your Pay slip Basic Salary Fixed Component of your pay House Rent Allowance Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax payment. This can be partially or completely exempt from taxes. Leave Travel Allowance Salaried employees can avail exemption for a […]
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 installments. ♦ Section 80C […]
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 […]
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 […]
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 […]
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. Individual b. Hindu Undivided Family […]
When the end of financial year is round the corner and the deadline of March 31 is hovering over the mind of individual taxpayers so that they can invest the minimum amount required to reduce their income tax liability by max possible amount.
Unit Linked Insurance plans had become one of the favorites of high-net-worth Individuals in the past few years. With their EEE feature (i..e eligible for 80C deductions, exemption of bonus received, no tax on amount received at maturity) and returns linked with investment in Equity & debt along with life cover was all that was […]
