All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Learn Indian Income Tax payment methods (TDS, Advance Tax), the five heads of income, and how to calculate Total Income (taxable i...
Income Tax : Understand the difference between Section 87A rebate and 80C deductions under the Income Tax Act. Learn how these provisions lower...
Income Tax : Understand tax relief for tuition fees, education loans, and allowances under Income Tax Act. Learn what parents can claim and how...
Income Tax : Overview of Income Tax Returns (ITR) in India, detailing different forms (ITR-1 to ITR-7) based on taxpayer categories and income ...
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 : ITAT ruled that failure to file a return does not justify taxing income without allowing legitimate deductions. The case was sent ...
Income Tax : Section 54/54F deduction allowed by ITAT Bangalore despite incomplete documents, as substantive investment in house construction w...
Income Tax : The Tribunal held that the CIT(A) improperly admitted additional evidence without satisfying Rule 46A conditions or recording reas...
Income Tax : The tribunal found that STCG may have been counted twice, inflating taxable income. It directed verification and recomputation by ...
Income Tax : The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key ta...
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...
Buying a house means making your dream come true where you spend hours and days looking for a suitable property, checking backgrounds and finally scouting for the best deal on a home loan (unless you have loads of money to pay for the house without taking a mortgage).
Deduction under chapter VIA covers all the allowable deduction to be made while computing the total income. When we talk about the permissible deduction under chapter VIA, the first and the most popular section that comes to the mind is deduction under section 80C, which is taken up and explained thoroughly in the current article. Categories […]
Discover how life insurance can provide tax benefits and financial protection for your family. Learn more about the importance of life insurance policies.
(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]
It is expected that FM will announce a number of big decisions considering the focus of Interim budget on small taxpayers. The Government could throw several surprises to please the biggest drivers of economy which are middle class citizens and salaries class taxpayers. Their expectations from Full Budget 2019 are elaborated in following paragraphs.
General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D – Medical Insurance, Section 80DD – Maintenance […]
Owning a House property or any property is not without responsibility but paying House property Tax on it annually definitely is. Property can be of any nature i.e., For residential purposes or commercial all are taxed under the head of ‘ Income from House property’. Any property used for business purposes or profession is taxed […]
Education Fee and Taxation Education is a fundamental right of every individual in the country and as the development is taking place so rapidly there is always a requirement of skills, good knowledge and efficient individuals which is only possible if majority are literate. But the critical part is the fees or the amount which […]
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.
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 present Section […]
