Category Archives: Income Tax

section 24

Income Tax Saving Under Section 24, 80E, 80G, 80TTA and 80RRB

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Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Now remaining sections applicable for middle class are Section 24, 80E, 80GG, 80TTA, 80G, 80GGB, 80GGC and 80RRB are explained in following article: Section 24: Income Tax Benefit on Interest on Home Loan Deduction is allowed for the payment of interest on home loan under Section 24 of the Income Tax Act. Income from House Property shall be Continue Reading »

section 80d

Income Tax Saving Under Section 80D, 80DD, 80DDB and 80U

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Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Section 80D: Premium Paid for Medical Insurance Up to Rs. 25,000/- Deduction is available to a taxpayer for insurance of self, spouse and dependent children or 30,000/- in the case If individual or spouse is more than 60 years old An additional deduction for insurance of parents is available upto Rs. 25,000/– if less than 60 years old and Rs 30,000 if parents Continue Reading »

Income Tax

Income Tax Saving Under Section 80C, 80CCC and 80CCD

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Under Section 80c Individual and HUF can save upto 1,50,000/ (The limit for the financial year 2017-18 ) tax free amount. If you Invest your Rs. 1,50,000/- in the scheme which falls under 80C you can save upto 15,450/-,  if you are under 10 % tax Slab, Rs. 30,900/ if you are in 20 % tax slab and Rs. 46,350/  in the slab of 30 % Under this section deduction of Rs 1,50,000 can be claimed from total income. Means, an Individual or an HUF can reduce up to Rs 1,50,000 from total taxable income through section 80C. Investment and Continue Reading »

Pancard

Link Aadhaar Card with PAN Card

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Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar, Just click here Link Aadhaar. Provide PAN, Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit. After verification from UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar name provided, Aadhaar OTP will be required. Please ensure that the date of birth and gender in PAN and Aadhaar are exactly same. There is no need to login or be registered on E-filing website. This facility can be used by anyone to link their Continue Reading »