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 : Discover key deductions under Chapter VIA of the Income Tax Act, 1961, including Section 80C, 80D, and 80G. Learn how to optimize ...
Income Tax : Unlock the potential of Section 80CCC under the Income Tax Act for retirement benefits. Explore deductions up to Rs 1.5 lakhs, ann...
Finance : As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 month...
Income Tax : Deduction is allowed if the assessee has paid any amount towards any annuity plan of Life Insurance Corporation of India (LIC) or ...
Budget 2015-16 – Raising the limit of deduction under Section 80CCC Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep […]
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
Premiums paid for Life insurance – Deduction under Section 80C Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons: In case of individual assessee – Himself/Herself, spouse, children of such […]
