he/she can contribute₹1.5 lakh to Public Provident Fund (PPF). If there is a surplus still, VPF will still be better than products like corporate fixed deposits post-tax.One can also invest in NPS considering the additional deduction available...
Rules to be framed to remove the double taxation burden on NRIs To simplify the process of I-T returns filing, details on capital gains from listed entities, bank interest, dividends, will now come pre-filled in tax filing forms. The Rs 1.5 lakh tax deduction on payment of inter...
Extension of the tax deduction on rental reduction The government will extend the tax deduction on rental reduction for business premises for another six months from January to June 2022. This incentive is available to taxpayers who provide a rental reduction of at least 30 percent. Extension...
Tax deductions typically apply to expenses such as donations, gifts, contributions, and subscription fees paid to professional bodies. Thesedeductionscan include monetary gifts to charities, organisations, or government entities. On the other hand, tax reliefs are designed to benefit everyday individuals...
Enhancement of standard deduction for the salaried class and tax exemption for all taxpayers deriving income upto INR 5 lakhs a year will provide some relief to the middle class. The budget also has a range of provisions that factor economic support for the small farmers/marginalised sections. ...
Tax Deduction on Home Loan Interest Payment under Section 24B (2024) The interest portion of your EMIs paid during a year are allowed to be taken as deduction under the Section 24B of the Income tax act. Currently, you can claim a deduction of Rs 2 lakh against the interest paid during ...
EPF Office,EPFO,epfo subscribers,National Pension System,New Guidelines of EPFO,WEALTH4INDIA More TDS deduction for non filer ITR wealth4indiaMay 19, 2022 It has been said in the circular that if you have not filed ITR for the financial year 2020-21, then your name will be added to the...
F7 – Complete medical examination for self, spouse or child.You should use up the RM500 limit on this item, example, yearly medical checkup or comprehensive blood-check from Pathlab or BP Healthcare. Take note that the total deduction for above F6 and F7 is limited to RM5,000. Thus, ...
ACIT (W.P.(C) 15928/2023) 01/04/2024 CBDT issues another set of guidelines for the deduction of tax at source on e-commerce transactions under Section 194-O of the Income-tax Act CBDT Circular No. 20/2023, dated 28 December 2023 Archives ...
Deduction u/s 80C (EPF, LIC, ELSS, PPF, FD, Children’s tuition fee, etc.)NoNo Leave Travel Allowance (LTA)NoNo Interest on education loan – 80ENoNo Other allowances including food allowance of Rs 50/meal subject to 2 meals a dayNoNo ...