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...
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 […]
NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other person other than Central […]
A subscriber under NPS is entitled to get additional tax benefit up to Rs. 50,000 in a financial year under section 80CCD (IB) of Income Tax Act. This is over and above the deduction of Rs. 1,50,000 available under section 80C /80CCE of Income Tax Act .
Sec 80CCD of income tax act 1961 provide deduction on contribution to Pension Fund setup by Central Government. An individual person can get deduction up to 2, 00,000 under this particular section. The provisions of this particular section is as follows:-
After having discussed the withdrawal rules for National Pension System (NPS) last week, this let us discuss income tax benefits available for contributions made by you to your NPS account. Though you can open Tier I and Tier II account under the NPS, the tax benefits are available only in respect of contributions made to […]
