CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Discover the risks and penalties of submitting fake rent receipts to claim HRA exemptions and learn how to comply with tax regulat...
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 : The Tribunal upheld disallowance of deduction under Section 80GGC after finding the political donation lacked genuineness. The rul...
Income Tax : ITAT Bangalore rules that submission of Income Tax Form No. 10BA is necessary for claiming deduction under Section 80GG. Details o...
As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan – to achieve certain life goals and protect capital. Unfortunately, tax planning decisions are taken at the eleventh hour with low planning and thus hamper the process of wealth creation over the long term.
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
Currently, there is no provision in either of the aforesaid sections specifying the mode of payment of money. Therefore, it is proposed to amend sections 80G and 80GGA so as specify therein that any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash.
