If you’re looking for mutual fund tax benefits, this is the scheme you want. Money invested in an ELSS is deductible up to ₹1.5 lakh u/s 80C of the Income Tax Act, 1961. Notice that section 80C itself has a cap of ₹1.5 lakhs. If you’re already claiming deductions for other...
In this case, Mr. X invested one-time of 1 lakh in an ELSS scheme and let’s assume it is “Invesco India Tax Plan“ Here is the return for both the funds in a horizon of 5 years: That’s basically a loss of almost 14k for you just for an investment in an ELSS scheme. Isn’...
Have you failed to report some tax saving investment to your employer or did you make the investment after submitting your investment declaration to the employer. You can claim all the deductions/ exemptions under section 80C,80D while filing of Income Tax Return for the relevant financial year. ...
2. There is a foreign tax credit form to calculate the amount of tax credit. 3. If would depend whether you would file the tax return as married filing jointly or separately. If jointly, your wife’s income would also needs to be included. I would suggest you contact experience CPA for...
What are Tax Saving Funds? These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g.Equity Linked Savings Schemes(ELSS). Pension schemes launched by the mutual funds al...
If you have paid the premium for more than 3 years, we suggest that you should stop paying further premium and get this policy into PAID UP ZONE until you get reasonable value. Tax treatment: The entire surrender value added to your income in the year of receipt. ...