An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund that doesn’t just help you save tax, but also gives you an opportunity to grow your money by making use of most of the potential equity market. Investment in such ELSS Mutual Funds would provide tax benefit u/s 80C …
Read More »Whether sale of agricultural land attracts capital gain tax
What is Agricultural Land? The land where activities such as growing of crops, nursery cultivation etc are being carried out is classified as agricultural land. Sale of agricultural land in urban areas attracts capital gain tax. Following are considered as Urban Areas – Land situated within jurisdiction of a …
Read More »What constitutes Agricultural Income?
Agricultural Income is exempt from income tax as per Section 10 of Income Tax Act, 1961. However, for those people who have non-agricultural income (such as business or salary, etc.) the agricultural income is included for the purpose of computing the tax. Suppose, by including agricultural income, the aggregate income …
Read More »Don’t curse for paying insurance premium, it can help reduce your tax payouts!
Introduction: As per section 80C (1), “In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being …
Read More »Deduction U/S 80D for payment of medical insurance premium
Your health first! Introduction “Sharira Madhyam Khalu Dharma Sadhanam” (Physical body is the medium for the righteous action) This is one of the quotes taken from the Vedic text which elucidates that only if One’s Health is Sound, he/she can engage in their respective work efficiently. In general predictions about …
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