All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Income Tax : Discover expert tips and strategies on how to save tax in India through various exemptions and deductions under the Income Tax Act...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Corporate Law : Delve into the nuances of Provident Fund (PF) and Employee State Insurance Corporation (ESIC) schemes in India. Learn about eligib...
Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
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 upholds deletion of Rs. 1.75 Cr disallowance, clerical error in ITR. Full order details of ITO vs. Roshan Lal Sharma fo...
Income Tax : The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account...
Income Tax : ITAT Mumbai decision in Hari Mittar Yadav vs. ITO: Confirmation of addition on LTCG under Section 50C based on unregistered deeds ...
Income Tax : In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for n...
Income Tax : ITAT Amritsar held that in case of non-cooperation during conduct of special audit under section 142(2A) of the Income Tax Act, th...
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...
Under Section 80CCF, any individual or Hindu undivided family can invest up to Rs 20,000 in infrastructure bonds and avail of tax benefits. This will be over the Rs 1-lakh deduction allowed under Section 80C. So, an investor in the tax bracket of 30
Notification No. 80/2010-Income Tax In exercise of powers conferred by clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Tata AIG Easy Retire Annuity Plan of the Tata AIG Life Insurance Company Limited, as approved by Insurance Regulatory and Development Authority vide its letter dated 23rd November, 2007, as the annuity plan of the ICICI
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 Family.
Notification No. 50/2010-Income Tax In exercise of powers conferred by clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Immediate Annuity Plan of the ICICI Prudential life Insurance Company Limited, as approved by Insurance Regulatory and Development Authority, as the annuity plan of the ICICI Prudential Life Insurance Company Limited for the purposes of the said clause for the assessment year 2007-08 and subsequent years.
Notification No. 34/2010-Income Tax The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.
FM has put more money in the hands of a large section of tax-payers. There are also some additional tax breaks in the form of investments made into infrastructure bonds and health insurance. Our Personal Finance team speaks to experts on the best way to manage the additional income depending on your age group. If you earn between Rs 1,60,000 and Rs 5,00,000
In tune with the policy thrust of promoting investment in the infrastructure sector, it is proposed to insert a new section 80CCF in the Income-tax Act to provide that subscription during the financial year 2010-11 made to long-term infrastructure bonds (as may be notified by the Central Government), to the extent of Rs. 20,000, shall be allowed as deduction in computing the income of an individual or a Hindu undivided family.
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 the needs of individuals in the long term.
It is a fact that tax incentives offered under the Income Tax Act, 1961 (the IT Act) have been instrumental in encouraging individuals to invest and save for their long-term retirement needs. One of the key incentives in this respect has been that many of the savings instruments have been under the Exempt Exempt Exempt (EEE) model.
NABARD Rural Bonds of National Bank for Agriculture and Rural Development (NABARD) have been notified. The notification will take effect from the 1st April, 2008 and will, accordingly, apply in relation to the assessment year 2008-2009 and subsequent years .
