SECTION 80C(2)(xv) OF THE INCOME-TAX ACTA V VishalEmail thisPrint this
You can also check, tax saving options other than 80C limit of Rs 1.50 Lakh. Read my article on this. Please note that there is no need to attach any documents with your Income Tax return. 4. How to file Income Tax return Online for FREE? You can file your Income tax return online ...
Investments towards mutual funds, senior citizens saving schemes, purchase of NABARD bonds, etc. How to relief on medical expenses under section 80DD. Get Details Income Tax Deductions under Section 80D Under Section 80D of the Income Tax Act, taxpayers can avail tax deductions for investments...
Yes you can reduce your tax liability. The Income Tax Act, 1960 has provided Section 80C,80CCD, 80CCC, 80CCCE benefit to save tax by investing upto 1 lakh in different options, each suited to a different need. One can choose a combination of fixed income, life insurance and market-l...
Additionally, individuals can also claim deductions for tax-saving investments as dictated under Section 80C to 80U. The following are the income tax slab rates for individuals below the age of 60: Note:There is a common misconception that income tax is charged on the total income earned by an...
Fill Excel ITR1: 80G, Exempt Income,Calculation of Tax Saving Bank Account:Do you know how interest is calculated and more Paying Income Tax : Challan 280 Unrecognised Provident Fund (UPF) is not recognised by the Commissioner of Income Tax. The employers and employees start these schemes. ...
Mr. Toni, falling into the 2.5 lakhs – 5 lakhs income tax slab, experiences a calculated income tax of Rs. 4,030, with a rebate under Section 87A rendering his income tax liability null. Tax Saving Strategies for Different Income Groups ...
Proof of Tax-Saving Instruments:Includes life insurance, health insurance, Public Provident Fund (PPF), National Savings Certificates (NSC), ELSS mutual funds, etc. Income from Capital Gains:Documents related to the sale of assets like stocks or property. ...
Ordinarily, Individuals are under the false impression that if their income does not exceed ₹5 lakhs, they don’t have to pay any tax. However, if an individual’s income comprises income that is taxed at a rate of 20% (being Short term capital gains) or 12.5% (being other long-ter...
Section 80C Section 80C includes certain instruments in which you can invest and save up to Rs. 45,000 per year, depending on your tax bracket. These instruments include public provident funds (PPF), term insurance plans, unit-linked insurance plans (ULIPs), and National Saving Certificates, ...