Most of the tax savings investment schemes come with a mandatory lock-in period and are long-term in nature. People who are looking to invest in risk-free investment options can consider investing in government-backed investment schemes which are unaffected from the…
Saving options with EEE Tax Benefit
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Section 80EE – Tax Deduction on Home Loan Interest
Section 80EE allows Income Tax benefits on the interest portion of the house property loan availed from any financial institution. The deduction allowed under this section is for the interest paid on a home loan for up to a maximum…
Section 80E – Income Tax Deduction for Education Loan
Section 80E deduction under the Income Tax Act 1961 provides tax deduction for educational loans. The income tax deduction can be claimed on educational loans availed for higher studies of the spouse or children of a taxpayer. Section 80E deduction…
Section 80CCC Pension Plan Tax Deduction
Section 80CCC of the Income Tax Act 1961 provides tax deductions for contribution to certain pension funds. The section provides tax deduction up to a maximum of Rs.1.5 lakh per year on expenses incurred in buying a new policy or…
NPS Tax Benefits under Section 80CCD
Section 80CCD of the Income Tax Act, 1961 refers to income tax deductions allowed to individual tax assessee on the contribution made towards notified pension schemes from central government i.e. New Pension Scheme (NPS) and Atal Pension Yojana (APY). NPS…
80D – Tax Deductions for Medical Insurance Premium
Section 80D of the Income Tax Act, 1961 relates to the Tax deductions on Medical Insurance. This section lets you receive tax deductions on premiums made for medical insurance to secure yourself and your family members. Section 80D also offers…
Deduction on Disabled Dependant – Section 80DD
Deduction under section 80DD of the income tax act is allowed to Resident Individuals or HUFs for a dependant-who is differently abled and is wholly dependant on the individual (or HUF) for support & maintenance. Eligibility Criteria for Deduction under Section 80DD Any…
Best Tax Saving ELSS Mutual Funds 2019
Best ELSS Funds or Equity Linked Savings Schemes (Tax Saving) are equity diversified Mutual Funds that majorly invest in equity-linked instruments (like shares and stocks) to provide market-linked returns. Typically, 80% of the fund corpus is invested in equity and…
Link PAN with Bank for Tax Refunds
The Income Tax Department issues tax refunds to all the individuals and corporate entities that have paid higher income taxes as compared to their actual tax liability. The Income Tax Department will be only issuing e-refunds from March 1, 2019,…
Budget 2019 – Tax Changes
The rebate under Section 87A of the Income tax Act, 1961, has been raised to ₹12,500. It is only applicable for those with net taxable income of up to 5 lakh. A rebate is the amount of tax the taxpayer…