Section 80CCD Deduction of NPS Contribution – Complete Detail

0shares 0Facebook WhatsApp 0Google+ 0Twitter The Income Tax Department of India offers deduction to tax payers for making contributions towards National Pension Scheme (NPS). The deduction is availed under Section 80CCD and is available only to individuals. Entities such as a HUF cannot avail deduction under this section. Whereas, the individual tax payer may or … Read more

LIC Tax Deductions & Benefits

1shares 0Facebook WhatsApp 1Google+ 0TwitterThe first thing comes in our mind is LIC (Life Insurance Premium)or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies … Read more

Got a preventive health check-up? Don’t forget to claim tax deduction

0shares 0Facebook WhatsApp 0Google+ 0TwitterHealth is one of the most overlooked areas by Indians. People are ready to invest in properties, cars and entertainment, but not on health. Nonetheless, the Department of Income Tax has reserved a small provision for deduction under preventive health check-up. Any tax payer can claim a deduction upto ₹5,000 per … Read more

7 Situations When You Could Lose Tax Benefits on Your Health Insurance 80D

0shares 0Facebook WhatsApp 0Google+ 0TwitterThe Income Tax Department of India has maintained a provision of deduction for taxpayers who invest in health insurance policies.  As per the current scenario, the IT Department allows a deduction of ₹25, 000 for common citizens and ₹30, 000 for senior citizens in every assessment year. However, there are certain … Read more

Deduction 80G: How You Can Get Benefit to Save Tax

1shares 0Facebook WhatsApp 1Google+ 0TwitterThe IT Department of India has maintained various provisions for common men to reduce their tax liabilities for the A.Y. 2017-18 through deduction under Section 80. This section is further divided into sub-sections which offers different scopes of claiming deductions. In this article, we will be discussing about deduction 80G and how … Read more

Deduction 80E: Interest on Loan Taken for Higher Education

0shares 0Facebook WhatsApp 0Google+ 0TwitterIn this article, we will discuss about deduction under section 80E for interest on loan taken for higher education. The complete overview of 80E deduction like who can get get deduction of Section 80E, what is deduction 80E, eligibility and other important information. You may have been wondering how people these … Read more

Deduction 80D: Complete Detail (Updated) A.Y.2017-18 & 2018-19

7shares 4Facebook WhatsApp 2Google+ 1TwitterThe person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions given below. We will discuss here the complete detail about deduction under section 80D for the A.Y. 2017-18 and A.Y. 2018-19. Who … Read more

Deduction u/s 80C A.Y.2017-18 & A.Y.2018-19

4shares 3Facebook WhatsApp 1Google+ 0TwitterWe will cover here the complete detail about deduction under section 80C for A.Y.2018-19/A.Y.2017-18/A.Y.2016-17. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions … Read more

Tax Benefits on Tuition Fees, School Fees & Education Allowances

3shares 3Facebook WhatsApp 0Google+ 0TwitterEducation is most necessary part of one’s life, so to promote education, govt allows for Income Tax Deduction. It helps to increase literacy rate in developing country like India. There are three types of tax benefits on Children Education Allowance, Tuition fees payment & School fees Payment. Deduction under section 80C … Read more

Section 24 Deductions From House Property Income

3shares 3Facebook WhatsApp 0Google+ 0Twitter The rent received from any property is the income under head House property under section 22 of the income tax act,1962. Income under house property can be in any of the following ways: Rental income from let out of property Annual value of property which is deemed* to be let … Read more

Bank Term Deposit Scheme: Tax Benefits & Application Procedure

0shares 0Facebook WhatsApp 0Google+ 0TwitterThis bank deposit scheme is popularly known as Bank Term Deposit scheme, 2006, which came into force on the date of submission of the official gadget. Under bank deposit scheme, the term “assessee” means, any individual or a Hindu undivided family; Act refers to the income tax Act, 1961 and form … Read more

Income Tax Deduction From Gross Total Income

0shares 0Facebook WhatsApp 0Google+ 0TwitterUnder Chapter VI-A, there are some deduction provided by Income tax from Section 80C to 80U. These deductions are allowed from the gross total income. These deductions are very important to determine net tax liability. So if you are tax cautions, then you must consider these deductions important to reduce your … Read more

Deduction 80GG: Deduction in Respect of Rent Paid

0shares 0Facebook WhatsApp 0Google+ 0TwitterAs a tax payer, there are often certain situations where miss out to claim a deduction. Section 80GG is one of those areas where most of the tax payers fail to realize that a hidden deduction can be claimed. So, without any further delay, let’s see what Section 80GG is all … Read more

Deduction 80DDB: Deduction in Respect of Medical Treatment

0shares 0Facebook WhatsApp 0Google+ 0TwitterThis year when you file your returns, make sure that you are availing maximum benefits which has been offered by the IT Department of India. In this article, we will be discussing the range of deductions which a tax payer can get under Section 80DDB. So, let’s get started! What is … Read more

Income From House Property: Deductions & Tax Planning

0shares 0Facebook WhatsApp 0Google+ 0TwitterIncome from house property is taxable in the hands of its owner. We will talk here about the deduction and income calculation from let-out property and self occupied property.  Deduction from Let-out (or deemed to be let-out) Property Standard Deduction: The total deduction is available is 30% of the net annual value … Read more

Total Deduction Allowed u/s 80C, 80CCC and 80CCD (A.Y.2015-16)

1shares 1Facebook WhatsApp 0Google+ 0Twitter The most common questions asked by every readers of LessMyTax that how much deduction is allowed in aggregate under section 80C, 80CCC and 80CCD? It is common because every year the limit has been changed. So there may be confusion in the mind of the people. These deductions are not … Read more