Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : Explore the worthiness of investing in NPS under Section 80CCD deduction for salary individuals/HUFs. Learn about tax benefits, re...
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 : Understand the potential of Section 80CCD New Pension Scheme and maximize your tax savings. Learn about deductions for employees a...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber u...
Income Tax : Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤ Opening of Individ...
Income Tax : Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I...
Income Tax deduction Under Section 80C allows deduction in respect of investment LIC, Housing loan principal repayment, Children education fee etc.) and Under Section 80CCC allows deduction in respect of contribution for contract of annuity for receiving pension offered by LIC or other insurers). Total deuction under both Section 80C and Section 80CCC However, if […]
Incentives to National Pension System (NPS) subscribers for state government employees Under the existing provisions of the Act, any contribution by the Central Government or any other employer to the account referred to in section 80CCD of the Act (NPS account), shall be allowed as a deduction to the assesses in the computation of his […]
As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]
National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one of the best way of saving, steady returns & Income Tax benefits.
National Pension scheme (NPS), Income tax deduction Section-80CCD(1), 80CCD(1B),80CCD(2) & form 16. Dear Reader, please find below the key summarized provisions on National pension scheme as they stand today on 26th Dec 2021. Rationale of NPS: Securing our future, by turning India from pension less society into one covered under pension program. Key points: 1. […]
Discover the benefits of the National Pension System (NPS) for regular income post-retirement. Learn about the low-cost structure, tax efficiency, and flexibility of investment.
CA ARPAN JAIN Understanding your Pay slip Basic Salary Fixed Component of your pay House Rent Allowance Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax payment. This can be partially or completely exempt from taxes. Leave Travel Allowance Salaried employees can avail exemption for a […]
NPS (National Pension System) : Tax provisions on investment & Withdrawal Investment Deduction: –Section 80CCD (1): Employee Contribution up to Rs. 1.5 lac under Sec 80CCE -Section 80CCD (1B): Employee Contribution Rs. 50,000 over and above the deduction of Rs. 1.5 lakh -Section 80CCD (2): Employer Contribution up to 10% of salary (Basic + DA), without any monetary limit Withdrawal […]
Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions Before going to any Specific Deductions, […]
Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]
