Income Tax Deductions - Page 10

Contributions to National Pension System (NPS) u/s 80CCD(1B)

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....

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Save more with Health Insurance

Health insurance is viewed as a significant investment and therefore tax deductions are offered u/s 80D of the Income Tax Act, 1961. Under this section, deductions are provided on the policies for self, spouse, dependent children and parents. Section 80D of the Income Tax Act, 1961 allows for deduction of money towards health insurance an...

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How to extend PPF account beyond 15 years

We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all of 15 years — just extend the old one fo...

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Section 80-IC deduction eligible on Additions for interest & bad debts

Pr. CIT Vs Pacific India (Punjab & Haryana High Court)

Since assessee was held entitled to claim deduction of its profits at the rate of 100% in terms of section 80-IC, therefore, additions made towards interest and bad debts so made were also entitled to deduction under section 80-IC resulting in no addition to the taxable income of assessee....

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How to Save Income Tax

You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA...

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All about NSC and Tax Benefit

Deposits up to Rs.1.50 lakh in National Savings Certificate (NSC) qualify for Deduction Section 80C of the Income Tax Act. Accrued interest on NSC also qualify for deduction u/s. for first five years. NSC interest is taxable. ...

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9 Tax Saving options other than deductions u/s 80C for A.Y 2020-21

People invest in various products considering the pros and cons of each and every investment. Most of the taxpayers are aware of deductions u/s 80C. The maximum limit of deduction available u/s 80C is Rs. 1,50,000/-. In this article, we will discuss the deduction available under various other sections....

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All about section 80E of Income Tax Act, 1961

Essential conditions for claiming deduction under section 80E of income tax act, 1961 for Interest on Education Loans: This deduction under section 80E for for Interest on Education Loans is over and above the Rs 1,50,000 deduction allowed under section 80C of Income Tax Act, 1961. 1 Who Can Claim deduction under section 80E ONLY [&hellip...

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No Netting of profit/loss of eligible units to calculate section 80-IC deduction

Alliance India Vs DCIT (ITAT Chandigarh)

No netting of profits and losses of the eligible units was to be done for the purpose of calculating the deduction under section 80-IC and each unit for the said purpose had to be treated separately....

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Section 80IC deduction allowable despite 01 day delay in return filing

M/s Shree Ganesh Concast Group of Industries Vs. DCIT (ITAT Chandigarh)

Where the delay of 1 day in on-line filing of return occurred not due to any negligence of the assessee, rather, the reason for the same was beyond the control of the assessee, therefore matter was remanded back to AO to examine the limited aspect as to whether the assessee, otherwise, was entitled to claim deduction under section 80-IC o...

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