All articles, News. Notification, Judiciary related to Deduction Under Section 80C of Income Tax Act, 1961 at one place.
Finance : #AD Equity-Linked Savings Schemes (ELSS) are among the best tax-saving investment options available in India. These funds offer th...
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 : 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...
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 .
