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 : The tribunal held that reassessment initiated through a jurisdictional officer instead of the mandatory faceless mechanism was inv...
Income Tax : Capital gains arose from land compulsorily acquired by a government authority. ITAT directed the AO to re-examine eligibility for ...
Income Tax : ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evide...
Income Tax : Jaipur Tribunal observed that the son had no independent income, and the purchase was made solely from the assessee’s funds. Con...
Income Tax : The ITAT Pune condoned a 100-day delay in filing the tax appeal, citing reasonable cause due to the taxpayer's reliance on profess...
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...
Overview of Income Tax Returns (ITR) in India, detailing different forms (ITR-1 to ITR-7) based on taxpayer categories and income sources, plus current filing deadlines and verification tips.
#AD Equity-Linked Savings Schemes (ELSS) are among the best tax-saving investment options available in India. These funds offer the dual benefits of wealth creation and tax savings under Section 80C of the Income Tax Act. As a category of ELSS mutual funds, they primarily invest in equities, ensuring higher returns than traditional tax-saving instruments like […]
ITAT Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restricted GP @ 1% instead of 1.5% as estimated by AO. Appeal dismissed, accordingly.
ITAT Hyderabad sustains Section 68 additions, denies deductions for LIC premium and tuition fees, dismissing the assessee’s appeal for AYs 2011-12 & 2012-13.
Learn how to save tax under the new tax regime with standard deduction, employer NPS contributions, and tax-free retirement benefits. Optimize your tax plan.
Explore the features, benefits, and taxation of 5-year tax-saving fixed deposits in India. Learn how they help save taxes while offering guaranteed returns.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
Anticipated income tax changes in Budget 2025 include simplified laws, revised slabs, TDS reforms, and equitable taxation for individuals, corporates, and trusts.
Learn about ELSS funds, their tax-saving benefits under Section 80C, and how they combine equity investment with wealth creation for better returns.
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 an appealable order u/s. 253. Thus, appeal dismissed as infructuous.
