Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Excessive tax deductions trigger audits when claims are disproportionate to income, lack documentation, or mismatch AIS data. Taxp...
CA, CS, CMA : Deduction under Section 80CCD(2) is allowed in the 115BAC regime for employer NPS contributions, with limits based on type of empl...
Income Tax : Learn about tax benefits under Section 80CCD for NPS Vatsalya contributions. Includes details on deductions, withdrawals, and rela...
Income Tax : Finance Bill 2025 extends tax benefits for NPS Vatsalya contributions for minor children, allowing deductions up to Rs. 50,000 und...
Income Tax : Ministry of Finance releases FAQs on tax treatment under Unified Pension Scheme (UPS), outlining deductions, exemptions, and retir...
Income Tax : Learn about the amended provisions allowing non-government employers to deduct up to 14% of employee salaries for pension scheme ...
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...
Corporate Law : : The Department of Posts circular details key clarifications on the Unified Pension Scheme (UPS), including a one-time switch opt...
Income Tax : Central Government hereby notifies the ‘Atal Pension Yojana (APY)’ as published in the Gazette of India, Extraordinary, Part I...
Maximize your income tax savings on salary! Learn how to pay zero taxes and claim a full refund of TDS deducted under Section 192. Explore salary structures, deductions under Section 80C, 80D, 80E, and more. Make informed financial decisions for a tax-efficient financial year-end.
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, […]
