Sentences with phrase «income tax act specifies»

Deductions on Premium paid for Medical insurance (Section 80D): This section of Income Tax Act specifies that the taxpayer can claim a deduction on his taxable income provided he pay a medical insurance premium for self - insurance, insurance of spouse or minor / dependent children.

Deductions for Interest income on Savings account (Section 80 TTA): This section of the Income Tax Act specifies that a savings account holder can claim deductions on the interest income from savings bank account up to Rs. 10,000.

Tax Deductions for Investment (Section 80C): Section 80C of Income Tax Act specifies a chunk of options you may choose to invest in so as to subject your taxable income to deductions.

Not exact matches

Here we will discuss the useful income tax deductions elaborately specified under various sections of Income Tax Act and how they would benefit you saving a part of your taxable income legally for the year 2017income tax deductions elaborately specified under various sections of Income Tax Act and how they would benefit you saving a part of your taxable income legally for the year 2017 - tax deductions elaborately specified under various sections of Income Tax Act and how they would benefit you saving a part of your taxable income legally for the year 2017Income Tax Act and how they would benefit you saving a part of your taxable income legally for the year 2017 - Tax Act and how they would benefit you saving a part of your taxable income legally for the year 2017income legally for the year 2017 - 18.

While the Income Tax Act mentions that the period of holding determines the amount of tax payable, it does not clearly specify from when the period of holding actually starTax Act mentions that the period of holding determines the amount of tax payable, it does not clearly specify from when the period of holding actually startax payable, it does not clearly specify from when the period of holding actually starts.

These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues, for example, Equity Linked Savings Schemes (ELSS) under section 80C and Rajiv Gandhi Equity Saving Scheme (RGESS) under section 80CCG of the Income Tax Act, 19tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues, for example, Equity Linked Savings Schemes (ELSS) under section 80C and Rajiv Gandhi Equity Saving Scheme (RGESS) under section 80CCG of the Income Tax Act, 19Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues, for example, Equity Linked Savings Schemes (ELSS) under section 80C and Rajiv Gandhi Equity Saving Scheme (RGESS) under section 80CCG of the Income Tax Act, 19tax incentives for investment in specified avenues, for example, Equity Linked Savings Schemes (ELSS) under section 80C and Rajiv Gandhi Equity Saving Scheme (RGESS) under section 80CCG of the Income Tax Act, 19Tax Act, 1961.

To avoid such issues, the income tax act prescribes that the taxpayer should deposit the amount of capital gains in the capital gains account scheme on or before the due date of filing of income tax returns which can be easily withdrawn at the time of investment in the specified instrument.

Specifies what are «relevant earnings» and «excluded amounts» for the purposes of estimating the relevant earnings amount described in sections 270B and 318AA of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA) inserted by Schedule 8 of the Finance Act 2011.

Section 80G of the Income Tax Act allows an individual to claim deductions up to a specified limit for contributions made to charitable organizations or NGOs.

In 2013, the limit of the annual premium was increased from 10 % to 15 % of the sum assured for persons with disability or severe disability or suffering from diseases or ailments specified in the Income Tax Act.

For instance, if a single premium payment is opted for, then the insured will only receive a tax deduction up to the limits specified under section 80C of the Income Tax Atax deduction up to the limits specified under section 80C of the Income Tax ATax Act.

If you need to furnish a report of audit specified under sections 10 (23C)- (IV), (v), (VI), (via), or 10A, 12A (1)(b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Income Tax Act.

Tax benefit available only for premium paid for specified persons Under Section 80C of the Income Tax Act, any amount paid by a policyholder towards life insurance premium for self, spouse or his / her children can be claimed as deduction from taxable iIncome Tax Act, any amount paid by a policyholder towards life insurance premium for self, spouse or his / her children can be claimed as deduction from taxable incomeincome.

The regular premium paid by the policyholder is eligible for tax deduction under Section 80C (subject to conditions specified) of the Income Tax Act, 19tax deduction under Section 80C (subject to conditions specified) of the Income Tax Act, 19Tax Act, 1961.

It has been proposed to amend the provisions of section 80DDB of the Income - tax Act to raise the present tax deduction limit available to an individual and Hindu undivided families in relation to the medical treatment expenses incurred on specified diseases for senior citizens to be Rs. 1 lakh.

All life insurance premium paid under a money back policy qualifies for tax deductions under section 80C of the Indian Income Tax Act, up to the specified limit, as long as the premium is less than 10 % of the sum assurtax deductions under section 80C of the Indian Income Tax Act, up to the specified limit, as long as the premium is less than 10 % of the sum assurTax Act, up to the specified limit, as long as the premium is less than 10 % of the sum assured.

The entire list of specified diseases is given in the Rule 11DD of the Income Tax Act.

As per the provisions under Section 80D of the Indian Income Tax Act 1961, the total deduction allowed on expenses incurred on medical treatment of specified diseases for individuals and Hindu undivided families in case of senior citizens is Rs. 60000 and in case of very senior citizens is Rs. 80000.

The tax payers are required to submit the audit report specified under section 10 (23C)(IV), 10 (23C)(V), 10 (23C)(Via), 10 A, 12 a (1)(b), 80 IA, 44AB, 80IB, 80IC, 80JJAA, 80ID, 80LA, 92E or 115JB of the Income Tax Atax payers are required to submit the audit report specified under section 10 (23C)(IV), 10 (23C)(V), 10 (23C)(Via), 10 A, 12 a (1)(b), 80 IA, 44AB, 80IB, 80IC, 80JJAA, 80ID, 80LA, 92E or 115JB of the Income Tax ATax Act.

These will also fall under tax benefits up to a specified amount under the Income Tax Atax benefits up to a specified amount under the Income Tax ATax Act.

Under life insurance policy, in case the policyholder suffers from the critical illness or severe disability then under the specified sections of Income Tax Act, the 10 % 0f the limit is increased to 15 % if the policy is issued after 01.04.2013.

Income tax benefit: Policyholder can avail deduction from taxable income for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and condiIncome tax benefit: Policyholder can avail deduction from taxable income for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and conditiotax benefit: Policyholder can avail deduction from taxable income for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and condiincome for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and condiIncome Tax Act, subject to specified limits, terms and conditioTax Act, subject to specified limits, terms and conditions.

In some specific cases, if a person has a disability or suffers from disease or ailments, as specified in the income - tax Act, the deduction is enhanced to 15 % of the sum assured.

You may avail of tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961 subject to conditions as specified in those sectiotax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961 subject to conditions as specified in those sectioTax Act, 1961 subject to conditions as specified in those sections.

Benefits received under a life insurance policy may be exempt under section 10 (10D) of the Income - tax Act, 1961, subject to the conditions specified therein.

Tax benefit amount: Premiums paid by an individual or HUF under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, subject to the conditions / limits specified thereTax benefit amount: Premiums paid by an individual or HUF under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, subject to the conditions / limits specified theretax benefits under Section 80C of the Income Tax Act, 1961, subject to the conditions / limits specified thereTax Act, 1961, subject to the conditions / limits specified therein.