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Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
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Income Tax : Avoid common mistakes while filing your ITR. Select the correct form, match income with Form 16 and Form 26AS, disclose necessary ...
Income Tax : The Tribunal examined whether foreign assignment salary credited in India is taxable. It held that salary for services rendered ou...
Income Tax : The Tribunal held that addition cannot be sustained merely on the basis of an uncorroborated statement recorded from another perso...
Income Tax : ITAT Pune held that issue of taxability of ex-gratia payment to be decided based on identical judgement as decided by coordinate b...
Income Tax : ITAT Delhi ruled that WhatsApp chats recovered during a search, if corroborated by context and left unrebutted by the assessee, c...
Income Tax : The ITAT Pune restores a case for fresh assessment after an updated tax return was filed with errors by a consultant, ruling that ...
Income Tax : In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently n...
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.
Under the proposed new section 80TTA of the Income-tax Act, a deduction up to an extent of ten thousand rupees in aggregate shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of any income by way of interest on deposits (not being time deposits) in a savings account with—
