As per Section 80C of Income tax act, an individual can make use of this provision to the extent of INR 150,000 in a particular year. In other words, an individual can claim exemption from income to the extent of Rs. 150,000 or actual investment made, whichever is less.
Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)
Where an Individual or HUF has deposited or paid any amount as Fixed Deposit in any Scheduled Bank for a term not less than 5 Years in any previous year subject to Scheme framed by Central Government in this behalf then such Individual or HUF is eligible to claim deduction to the extent of Rs. 1,00, 000 (Rs1,50,000 from AY 2015-16 onwards) under section 80C for assessment year relevant to the previous year .
Arjun (Fictional Character): Krishna, Does government has made changes in GST law on 13th June 2018? Krishna (Fictional Character): Arjuna government makes amendment to the Act, Rules as and when needed, these amendments are conveyed to the Taxpayers by the way of notification, clarification etc. Recently a notification has been issued in Central Tax in […]
Pendency of serious criminal proceeding, as noted above, against the applicant adversely impacts his reputation and makes him not a person fit and proper for registration as an IP. In exercise of the powers conferred on the Board under regulation 8(3)(b) of the Regulations, I, therefore, reject the application for registration as an Insolvency Professional.
Whether it is to set up a new office, hire additional staff, pay a deposit to the caterer when planning your child’s wedding or renovating your home to reinforce it for the monsoon, you may need funds quickly to meet a host of professional and personal needs. In such a scenario, getting the right amount […]
ICAI has come up with the revised E-Handbook on Job-work under GST. This handbook is designed to provide an in depth knowledge about detailed and thorough study of the procedure, conditions and restriction for supplying goods to job worker, provisions relating to removal of inputs / semi-finished goods/capital goods by principal to a job worker
It is no exaggeration that our country is good to go to witness a kind of fiscal revolution. Obviously, the all-new period of the Goods and Service Tax regime the antecedent of this fiscal revolution, as can be unmistakably seen from the immense GST accumulations and increment in the compliance rate.
FAQs on hotel and accommodation services etc. to SEZ / SEZ Developers and refund of unutilized input tax credit to independent fabric processors (job workers)
Issues pertaining to GST Policy Wing from the agenda for meeting between Commissioners of GST and Goods and Services Tax– Practitioners Association as per the directions of Bombay High Court
