On purchase of residential property through a home loan, one can save taxes through Section 24, Section 80C, Section 80EE and Section 80EEA of the Income Tax Act. Time and …
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Tax saving options available only to women helps women in meeting their financial needs as well as empower them towards a secure future. Following are the options through which only …
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Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).
Employees Provident Fund or EPF is savings cum retirement scheme for the salaried individuals. Under this scheme, contribution is made both by the employer and the employee. The amount contributed in EPF scheme is 12% of the salary (basic + dearness allowance). The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.
The tax benefits for education are enlisted under two main provisions of the Income Tax Act – Section 80C and Section 80E. Both of these sections not only provide benefits of tax …
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It is said money saved is money earned and who does not like to earn money, if not saving. In this blog, we will tell about the incomes that are …
Deductions under Section 80C to Section 80U are covered under Chapter VIA of the Income Tax Act. The quantum of the deduction varies from Section to Section and type of person. Exemptions …
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As per the provisions of the Income Tax Act, the tax on prize money is levied on its winner. Further, the prizes earned by the person are shown under the …
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Section 80CCD(1B) of the Income Tax Act deals with the deductions provided to individuals contributing to the National Pension Scheme (NPS). What is Section 80CCD(1B) or NPS? Through the Union …
We all know that through investing in Public Provident Fund scheme (PPF), one can claim deduction of upto Rs. 1.5 lacs under Section 80C of the Income Tax Act. But …