Section 80C - Page 3

Be a Tax Saving Ninja by Equipping Yourself with Right Knowledge

Taxes are an integral part of our economy. They are unavoidable for all individuals who fall in the tax bracket. However, the Income Tax Act offers various exemptions and benefits, which if used smartly can help you save a large portion of your income. However, what you need most for saving tax the right way […]...

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Section 80C Deduction for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

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Difference between PPF Scheme, 1968 and PPF Scheme, 2019

Public Provident Fund ( PPF) was initially introduced in India in 1968, which is now overruled by the new scheme introduced by Central Government on 12th December, 2019 i.e Public Provident Fund Scheme, 2019 vide notification No. G.S.R. 915(E).  As we all aware that the Public Provident Fund (PPF) is considered as most important and [&he...

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How to extend PPF account beyond 15 years

We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all of 15 years — just extend the old one fo...

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How to save Rs 1 crore with a basic salary of Rs 25,000

How to save Rs 1 crore with a basic salary of Rs 25,000 or less with Tax Benefit u/s 80C Creating a corpus of Rs 1 crore on retirement is possible for most employees. However, for those who are low-earners, it might require a bit more active approach when it is invested in systemic manner […]...

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How to withdraw amount from PPF Account

(i) Anytime after the expiry of 5 years from the end of the financial year in which the initial subscription for Public Provident Fund (PPF) Account was made, the subscriber may withdraw 50% of the balance to his credit at the end of 4th year immediately preceding the year of withdrawal or the amount at the […]...

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Tax effect in case of premature closure of PPF Account

Tax Relief on contributions to Public Provident Fund (PPF) Account in case of premature closure of the Account:- A point was raised by the State Bank of India Main Branch Bombay as to whether a partial withdrawal in excess of the prescribed limits or premature closure agreed to by the competent authority would have any effect on the relie...

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Tax Benefits From LIC Life Insurance Plans (F.Y. 2019-20)

This articles explains Income-Tax Rates For Assessment Year 2020-21, some important Income Tax benefits available under various plans of Life Insurance such as deduction under section 80C, Section 80D, section 80DD, etc. also explains Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)....

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Sukanya Samriddhi Account – 9 things to know

The Central Government initially launched the ‘Sukanya Samriddhi Account’ programme in January 2015 with an objective to promote the welfare of girl child. After that the Government has further notified new Sukanya Samriddhi Account Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 914(E). It is a small depo...

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Posted Under: Income Tax |

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