Tag Archives: section 80C

The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians, specially the poor and the under-privileged, in the Budget for the year 2015-16. The Atal Pension Yojana (APY), is one such pension scheme launched by the government recently.   Age of …

  Pursuant to the Budget announcement in July 2014, a special small savings instrument for the welfare of the girl child has been introduced under the Sukanya Samriddhi Account Rules, 2014.   The following tax benefits have been envisaged in the Sukanya Samriddhi Account scheme:-   (i)            The investments made …

  During last week, one of the readers of our blog asked me to write about Employee Provident Fund (EPF) matters. This article is about the basics of EPF. Hope this helps understand EPF better.   Applicability – All establishments in which 20 or more persons are employed have to …

Introduction PPF refers to Public Provident Fund and is a Long Term investment Scheme of the Govt. of India on which regular interest is paid. Any Individual (whether Salaried or Self-Employed or any other category) can invest in this scheme and can earn a handsome tax-free return on the same which is usually higher …

This is a very confusing topic. The more you read, the more you get confused. So, to read less and to get less confused, go through this short note! Life Insurance Premium Coverage – For tax benefit u/s 80C of Income Tax Act, Individual Taxpayer can pay life insurance premium …

By now, all the employees know that they will take home anywhere between Rs.2000 to Rs.4000 extra from this month onwards. Some of you would have already planned to spend this money. You can go ahead and do whatever you want to do with this money. It’s your money. But …

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 …

Introduction: Section 80C of the Income Tax Act allows certain investments in many small savings like NSC, PPF, Pension plans and certain expenditure like payment of tuition fees, life insurance premiums, and payment of principal amount of home loan to be tax exempt. The aggregate amount of deduction permissible under …

Introduction Your education loan can lower you tax payouts. Yes, an individual Tax payer who has taken an Educational Loan, can claim deduction under section 80E of the Income Tax Act towards the interest amounts paid. Extract from the Act “80E. Deduction in respect of interest on loan taken for higher …