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...
Raising the limit for eligible deduction under Section 80C, 80CCC and 80CCD- Presently the Section 80 CCE provides for a cap of Rs. 1.50 lacs for deduction available under Section 80C, 80CCC and 80 CCD(1) taken together. The present limit of Rs. 1.50 lacs was raised from Rs. 1 lacs in the budget of 2014. The erstwhile limit of Rs. 1 lacs was fixed in 2003 for these benefits. It has been almost 14 years during which the limit has been just increased by 50% which works out to just 2.98% annually.
Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤ Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤ Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔ You must […]
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
