Income Tax : This article delves into the provisions of Section 80E, highlighting its benefits and clarifying common queries related to educati...
Income Tax : In this comprehensive guide, we will explore various techniques and tax-saving avenues that can help individuals optimize their ta...
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 : Section 80CCD of the Income Tax Act, 1961 deals with the Deduction for Investment in Pension Fund. The main objective of this Sect...
Income Tax : Maximize your income tax savings on salary! Learn how to pay zero taxes and claim a full refund of TDS deducted under Section 192....
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...
NPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 available u/s 80C /80CCE of Income Tax Act. Earlier the tax-free withdrawal on retirement were allowed up to 40% of corpus, which has been increased to 60%.
National Pension System (NPS) is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India. It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based return.
Article explains Who is eligible for pension/ family pension, What is the tax treatment for family pension received by the legal heirs of a deceased employee, Document to be filled for family pension in case of death, Documents to be filled when the name of the claimant member is not available in the records, What […]
In this Article, we will discuss about change in Section 17 of Income Tax act related to provident and superannuation fund received by salaried employees . Employer Contribution in all 3 specified fund including interest earned on same amount ,during Previous Financial Year, will be taxable in hands of employees if it is exceeding Rs 7,50,000.
To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted.
The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. This article discusses some tax investment avenues which can be utilized before 31 March to lower one’s overall tax liability.
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 […]
As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings limit as available u/s 80C, 80CCC and 80CCD(1) are exhausted the only option left is contribution to NPS.
The present article highlights provisions of section 80CCD of the Income Tax Act, which provides a deduction of the amount paid or deposited towards the notified pension scheme. Deduction under section 80CCD is divided into three parts which are defined as under – 1. Section 80CCD (1) – Employee’s contribution to the notified pension scheme 2. Section […]
(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]