Simplifying Taxation in India
Deduction from taxable income in respect of certain paymentsSection 80C [Deduction upto Rs 1.5 Lacs]1. Life Insurance PremiumPolicy issued LIP should be restricted toBefore 1/4/12 20% of Actual Capital Sum insuredOn or after 1/4/12 10% of Actual Capital Sum insuredOn or after 1/4/13 for person suffering from disability 15% of Actual Capital Sum insuredAny sum … Read more
Prepaid Insurance Calculator in Excel format with Regular year and leap year. NOTE: THERE IS SOME HIDE FUNCTION SO DON’T EDIT OTHER CELL THIS IS FOR LEAP YEAR , FOR REGULAR PLEASE INSERT IN “REGULAR” SHEET Example For Leap Year INPUT CELL PLEASE INPUT IN YELLO CELLS ONLY FROM TO AMOUNT 10-04-2015 09-04-2016 25000.00 AUTO … Read more
Introduction In order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department levies income tax on individuals on basis of certain range. This range is known as “income tax slab rates” wherein the individual has to pay tax … Read more
Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:Public Provident Fund (PPF): Interest earned is fully exempt from tax without any limit. Annual contributions qualify for … Read more
Fixed deposit (FD) Limit Increased to Rs. ₹1,50,000 Under 80C [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART–II, SECTION 3, SUB‐SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi, the 13th November, 2014. (INCOME‐TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub‐section (2) of section 80C of the … Read more
Save Tax via Investments – Section 80C:Sec 80C limit raised from Rs.1,00,000 to Rs.1,50,000.This is a change after long gap. So now you have Rs.50,000 more buffer to invest under Sec.80C and get the tax exemption. So you can invest more in tax saving FDs, ELSS, PPF, EPF, home loan principal and buy life insurance.Section … Read more