The taxable income is calculated by deducting municipal taxes paid and a standard deduction of 30% from the rental income. Additionally, individuals can claim a deduction on the interest paid on a housing loan for the property. Income from Business or Profession Income from business or profession ...
National Pension System (NPS) Contributions: Freelancers can claim deductions on contributions made to the NPS under Section 80CCD(1B) over and above the limit of Section 80C. Home Loan Interest: If you have taken a home loan, the interest paid on the loan is eligible for deduction under S...
In some companies there is also an option of Employer Contribution (up to 10% of your salary) towards NPS where your taxable income would be calculated after deduction of the employer contribution, this might aid in keeping you within specific tax slabs as your salary grows over time. Share ...
Release Notes for 6.6.1 Release Notes for 6.6 Installation and Licensing Installing Tally.ERP 9 Activating Your Tally.ERP 9 License as a Multi-Site Account Licensing Activities Renewing Your TSS Subscription Upgrading to the Latest Tally.ERP 9 Release Rental License Licensing - FAQ Upgrade to Tally...
Q2. can I do lumpsum investment in NPS on sunday / today / 31st March 2024? taxes income-tax investing india tax-deduction Share Improve this question Follow asked Mar 30 at 20:43 RajS 17355 bronze badges Add a comment You must log in to answer this question...
these funds have the shortest lock-in period of three years. Investing in ELSS Funds makes you eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this way, you can reduce your tax liability as the amount invested by you gets deducted from yo...
According to the new budget, if you have a premium health insurance policy that has the validity of a year or more, the deduction made will be directly proportional to the number of years in totality, for which there is a cover available. NPS schemes will attract tax benefits: As of ...
Deduction under section 80 from ITR filing perspective Section 80 of the Income Tax Act provides deductions for various investments and expenses, like life insurance premiums, PPF, NPS, and health insurance premiums. Claiming these can reduce your taxable income significantly, making tax planning more...
Enter Basic deduction as per Section 80C Contribution to NPS/ National Pension Scheme – if any, Medical Insurance premium – if applicable Donation to Charity – if made during the financial year Interest on education loan – if applicable ...
Less: Deduction under section 80CCD(1B) (Contribution to NPS scheme)Rs. 50,000 Less: Deduction under section 80D for medical insurance of self, spouse, and dependent childrenRs. 25,000 Less: Deduction under section 80D for medical insurance of parents (assumed both are senior citizens)Rs. ...