There are various ways to save tax by taking housing loan. We can take tax benefit on housing loan under section 80C, section 80EE and section 24. § What is the maximum limit of deduction u/s 80C? Ø If the loan is taken for Repairs/ Renewal/ Re-construction: No tax deduction is allowed for interest … Read more
What is deduction? The deduction is specified amount which the taxpayer can deduct from his Gross Total Income. The deduction under section 80C not only encourages savings, but also assists the taxpayers in meeting their essential expenditures. Let’s know the background of section 80C: Most of the Income … Read more
February and March are the tax planning months for the taxpayers. Every taxpayer thinks how to reduce his tax liability. Life insurance premium is the one of the most well-known and easily available instrument for saving the tax under section 80C of the Income Tax Act. General FAQ regarding the tax saving through insurance premium … Read more
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES ) NOTIFICATION New Delhi, the 21st January, 2015 (Income -tax) S.O. 210(E).— In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Sukanya Samriddhi Account’ … Read more
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd December, 2014 (INCOME TAX) Notified Pension Fund under Section 80C(2)(xiv) S.O. 3261(E).—In exercise of the powers conferred by clause (xiv) of sub- section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby … Read more