Simplifying Taxation in India
80DMedical Insurance Premium or Contribution to Central Government Health Scheme paid by any mode other than cash. Payment of an amount of Rs.5000/- incurred towards Preventive Health Check-up can also be claimed as deduction within the overall ceiling as above– Up to Rs. 15,000. For Senior Citizens– Up to Rs. 20,000. Medical Insurance Scheme by … Read more
80CCGThis newly modified section provides that where the assessee is a new retail investor, and his total income is less than 12 lakh, an amount of Rs.50,000 deposited under Rajiv Gandhi Equity Savings Scheme (RGESS) would enable the investor to deduction of 50% of the amount so invested up to a maximum investment of Rs.50, … Read more
Aggregate of deduction u/s 80C, 80CCC and sub section (1) of Section 80CCD shall not exceed Rs.1, 50,000. As per this section, the maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC and 80CCD will be limited to Rs 100,000.In other words, Section 80CCE is not the separate deduction. It says … Read more
Income Tax Act, 1961 provides for various types of deductions for the assessee. These deductions can be claimed by the assessee while computing his total income and corresponding tax liability. Some of such deductions available to the assessee are given under Chapter VI-A in the said act. These deductions get reduced from the total income … Read more
If you are not want to face financial crunch after retirement or old age and save money to safe and secure future so there is a tax saving investment are available to individual assessee. Under section 80CCD of Income Tax Act, it provides deduction in respect of investment in Pension Fund by an individual under … 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
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the … Read more
Tax Treatment of Income from Salary in Brief 1. Income under the head Salaries 1.1 Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encasement h) Annual accretion to the … Read more
You can get up to Rs. 1 lakhs as tax benefits for your kid’s tuition fees The Section 80 C of the Income Tax Act is the most widely known section for claiming deductions. And apart from public provident fund, premiums you pay towards your life insurance policy, and Equity Linked Savings Scheme (ELSS), there … Read more
Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched. Going by the book:- Gratuity is a reward for long and meritorious service.In 1972 the government passed the Payment … Read more