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...
If you are young, single, with no dependants, you have all the time to think about tax planning and related investments that help do so. Banks and financial advisors might have already started approaching you with their tax saving ideas. Basically, you have ample opportunities to gear your investment portfolio on the right track.
Tax-deduction under Section 80C of Income Tax Act on deposits made after 15 years in PPF account without exercising option for continuance of account:- Paragraph 9(3A) of PPF Scheme, 1968 provides for continuance of account on the expiry of 15 years for a block period of 5 years and so on, if the subscriber exercises an […]
We should meet our tax obligations every year as responsible citizens. However, the law allows certain “tax-deductible” savings and we owe it to ourselves to benefit from these options, which could translate into future savings. Every citizen has a fundamental duty to pay taxes honestly and a fundamental right to avail of all the tax incentives that the government provides. Therefore, through prudent tax planning, not only can income-tax liability be reduced but a better future can also be ensured through compulsory savings in government and other schemes. Let us take a look at how one can achieve successful tax planning to enjoy optimum benefits.
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.
With the end of the financial year looming ahead, it is time to assess your tax liability, and consider tax-saving investment options to reduce your tax liability to the maximum extent possible. While tax planning should not be a last-minute exercise, minimizing tax payable on unexpected incomes or profits can be easily done before the […]
There are many features which make PPF an attractive investment vehicle for many a people right from getting deduction under 80C to being one of the safe instrument for providing long term wealth. Many of these features are often talked about and discussed but two things which are talked about in parts but not as a whole are why PPF is termed as EEE kind of investment and how effective rate of return one gets from PPF
Determination of Annual Value of Self-occupied property. Annual Value of one house away from work place.Determination of Annual Value of Let out house properties. Other Permissible Deductions from Annual Value in cases of let out properties. Interest for pre-construction period. Benefit for vacancy for the period when the property remains vacant (in cases of let out proporties). Exclusion of unrealised rent from annual value. Set off and carry forward of loss in cases of house properties. Computation Of Income From Self Occupied Property. Interest on borrowed capital for self occupied property. Deductions Under Section 80C In Relation To Investment In New Residential House Property
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan – to achieve certain life goals and protect capital. Unfortunately, tax planning decisions are taken at the eleventh hour with low planning and thus hamper the process of wealth creation over the long term.
Increase in basic exemption limit:- Sources familiar with the developments said the finance minister may increase the basic exemption limit for individuals from Rs 1,60,000 to Rs 1,80,000-Rs 200,000. There could be an increase in the exemption limits for women and senior citizens as well, in the range of Rs 10,000 to Rs 30,000. The ministry, sources said, had explored the option of a further increase, but was dissuaded by the high fiscal deficit.
