All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : Learn how to save tax under the new tax regime with standard deduction, employer NPS contributions, and tax-free retirement benefi...
Finance : Explore the features, benefits, and taxation of 5-year tax-saving fixed deposits in India. Learn how they help save taxes while of...
Income Tax : Anticipated income tax changes in Budget 2025 include simplified laws, revised slabs, TDS reforms, and equitable taxation for indi...
Income Tax : Learn about ELSS funds, their tax-saving benefits under Section 80C, and how they combine equity investment with wealth creation f...
Income Tax : A tax saving FD not only offers a reliable way to save but also provides significant tax benefits, making it a dual-purpose invest...
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 Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restri...
Income Tax : ITAT Hyderabad sustains Section 68 additions, denies deductions for LIC premium and tuition fees, dismissing the assessee’s appe...
Income Tax : ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the tra...
Income Tax : ITAT Surat held that rejection of the application for condonation of delay in filing refund claim u/s 119(2)(b) of the Act is not ...
Income Tax : Denial of the entire expenditure incurred towards as cost of construction by AO could not be held to be justified even if assessee...
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...
Notification No.09/2015 – Income Tax In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Sukanya Samriddhi Account’ for the purposes of the said clause.
Notification No. 90/2014-Income Tax S.O.(E) In exercise of the powers conferred by clause (xiv) of sub- section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Securities and Exchange of Board of India (Mutual Fund Regulations, 1993) having registration No MF/022/95/1
Finance Act 2014 has introduced various changes in Income Tax Act,1961 and some of those related to deduction and exemptions available to Salaried Individual taxpayers, which includes Amendments in Section80C, Section 80CCD, Section 80CCE and in Section 24 related to Interest deduction. Here I have compiled attached in Excel file Comprehensive list of Deductions , Tax free Allowances and Perquisites highlighting important Amendments for Salaried Individual applicable for Assessment Year 2015-16 and subsequent Year unless amended :-
Notification No. 63/2014-Income Tax Finance Minister has increased Limit Under Section 80C of the Income Tax Act to Rs. 1.50 Lakh vide Budget 2014 w.e.f. Assessment Year 2015-16 and now CBDT has inconformity with the 80C amendment increased the Limit for Investment in Bank Term Deposit for the Purpose Section 80C to Rs. 1.50 Lakh from earlier limit of Rs. 1 Lakh.
Learn how the new tax rules for A.Y 2015-16 in India will benefit the salaried class. Find out about the increased minimum limit and more.
The new Indian government announced its tax rules for the current financial year. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the tax slab.
Act, 1968 (23 of 1968), the Central Government hereby makes the following further amendments to the Public Provident Fund Scheme, 1968, namely :— 1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2014.
In order to encourage household savings, it is proposed to raise the limit of deduction allowed under section 80C from the existing Rs. 1 lakh to Rs.1 .5 lakh. In view of the same, consequential amendments are proposed in sections 80CCE and 80CCD of the Act.
CA Sandeep Kanoi Finance ministry considering the proposal to increase deduction limit under section 80C of the Income Tax Act, 1961 to Lakh from existing limit of Rs. one Lakh. The Limit of deduction U/s. 80C of Rs. one lakh was fixed wef Financial Year 2005-06 by replacing the section 88 of Income Tax Act,1961. […]
Admission season is on and it’s that time of the year when every student is hoping to get in to a good college to pursue their higher studies. Once the admissions are sorted the next challenging step is to arrange the finances. The admission fee for higher studies is usually not a small amount and […]
