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 ...
The taxpayer's income is classified under five different income heads under Section 14 of the Income Tax Act. It includes— salaries, individuals, and business income. Furthermore, gains in the capital, Gains/profits from a profession or business, income from a home, and other sources of inco...
Are you Financially Fit? Chat now to know your Status. Discover your HRA deduction with our easy-to-use calculator in Tools. Want to know your TDS and take home Salary.Try our calculator in Tools for accurate results. Rebate limit under the New Tax Regime increased to Rs. 7 lakhs w.e...
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Investment instruments under section 80C include the National Pension System (NPS), Unit-Linked Insurance Plan (ULIP), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), 5-year Fixed Deposits, and Equity-Linked Savings Scheme (ELSS). The maximum tax deduction allowed...
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...
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 refers to the income generated by individuals engaged in business activities, trade, or a specific profession. It includes ...
claimed I-T deductions of less than Rs 2 lakh, including deduction under section 80C of the I-T Act (for PF, PPF, life insurance premium), section 80D (mediclaim insurance), section 80CCD(1B) (additional deduction for NPS), deduction for housing loan interest and standard deduction. ...
What was the standard deduction specified in the Union Budget of 2024? The standard deduction has been increased to Rs. 75,000 for taxpayers who opt for the new tax regime, while it remains at Rs. 50,000 for those under the old tax regime. Meet...
A Certificate for tax deduction or collection was not furnished to the person furnishing his income tax return Such certificate is provided within a period of 2 years from the end of the relevant assessment year. 4. Report of Audit under Section 44AB or where the report has been furnished pr...