Sentences with phrase «deduction under this section»

The investments made in ELSS schemes are eligible for income tax deduction under Section 80c.

You would have created wealth almost 2.5 times of your Investment amount after 10 years and additionally, you would have got a tax deduction under Section 80C of the Income Tax Act, India.

If your employer also contributes to Pension Scheme, the whole contribution amount (10 % of salary) can be claimed as tax deduction under Section 80CCD (2).

The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.

ELSS funds are tax saving plans, you can claim these ELSS investments as tax deduction under section 80c.

These investments are eligible for a deduction under Section 80C of the Income Tax Act up to Rs. 1,50,000.

The IRS created the domestic production activities deduction under Section 199 of the tax code along with Form 8903 to help American exporters in a way that would not violate international trade agreements.

The below criteria has to be met for claiming tax deduction under section 80EE.

Tax free bonds are not eligible for deduction under section 80c.

NPS offers an extra INR 50,000 deduction under Section 80 CCD (1b) which draws in lots of investors.

I believe that one can claim tax deduction under this section as long as you have outstanding loan amount.

ELSS mutual funds are eligible for tax deduction under Section 80c.

First of all, the premiums that you have claimed as part of deduction under section 80C will be reversed and you will have to pay tax on it.

The investments in ELSS funds are eligible for tax deduction under Section 80c.

So, Tax free bonds are not eligible for deduction under section 80c.

The interest earned on tax saving FD is taxable but the invested amount can be claimed as deduction under Section 80c.

(Total Income means income excluding long term and short term gain & also before making any deduction under section 80C to 80U)

First of all, the premiums that you have claimed as part of deduction under section 80C will have to be reversed and you will have to pay tax on it.

Your investments in ELSS schemes are eligible for income tax deduction under Section 80c.

Dear Deepak, Yes, the premiums paid for Term insurance plan can be claimed as tax deductions under section 80c.

Also, investment in equity - oriented mutual funds is available for deduction under Section 80C of the Income Tax Act in the year of investment and no such deduction is available on other mutual funds schemes.

You will get a MF statement from Axis and that can be your investment proof to claim tax deduction under section 80c.

Dear Mr Bhat, If your employer also contributes to Pension Scheme, the whole contribution amount (10 % of salary) can be claimed as tax deduction under Section 80CCD (2).

The premium amount you pay on this can be claimed as tax deduction Under Section 80c.

The premium payment on Life insurance policy can be claimed as a tax deduction under section 80c.

Dear Kapil, If you take loan in FY 16 - 17, you can claim an additional tax deduction under section 80EE.

(3) such additional deductions (including the additional standard deduction under section 63 (c)(3) for the aged and blind) and other items as may be specified by the Secretary in regulations.

(Important point: The dividend reinvested amount does not qualify for any income tax deduction under Section 80c)(Image courtesy of junpinzon at FreeDigitalPhotos.net)(You may like visiting my post on «Top 5 Best ELSS Mutual Funds to invest in 2015.»)

This scheme is eligible under Rajiv Gandhi Equity Saving Scheme (RGESS) for tax deduction under section 80 CCG as announced in the union budget 2012 - 13

Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD (1) together can not exceed Rs 1,50,000 for the financial year 2016 - 17.

So, the taxpayer will first have to show this interest earned as an income and then claim this as a deduction under Section 80C.

It should, however, be noted that the principal amount repaid on the personal loan can not be claimed as deduction under Section 80C of Income - Tax Act, unless the loan was taken from a bank or other prescribed lenders.

Dear Ranjeet, As this Interest is re-invested in National Savings Certificate which is a specified instrument u / s 80C, a taxpayer can claim this amount of interest as a tax deduction under Section 80C.

The investment in FD is eligible for tax deduction under section 80c.

Dear Sourav, Kindly note that HRA is exempted from your income and not shown as a deduction under section 80C.

There is no limit on the amount of interest you can claim as deduction under section 80E.

Premiums paid for the Critical Illness Benefit also qualifies for a deduction under Section 80D

Tax deductions under Section 10 (10D): Under this section of the Income Tax Act, the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver, subject of course to certain conditions.

When dividend is reinvested, it becomes eligible to be allowed as a deduction under Section 80C of the Act

Some measures that can be taken include linking tax deduction under Section 80C to risk cover and not the premium paid.

Also, premiums paid on life insurance policy get tax deductions under Section 80C of the Act.

Additionally, the premiums paid for the Critical Illness Benefit also qualifies for a deduction under Section 80D.

The amount invested in Fixed Deposit with a tenure of 5 years with UCO Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.

Deduction under this section is provided for the individual themselves if disabled, and Section 80DD is for the dependent family members of the individuals, if disabled.

Entities of International Financial Services Centres, Scheduled Banks that have off - shore banking units in SEZs, and banks set up abroad, can avail deductions under Section 80 LA, in correspondence with the laws of a foreign country.

In addition to the deduction under section 80C, 80CCF, and 80D up to Rs 2,00,000 per year can be claimed as the deduction.

Income tax deductions under this section can be availed by an assesse, by donating or contributing to an electoral trust or political party.

Artificial juridical persons and local authorities are not allowed to avail the tax deductions under this section.

By investing in plan, you will get deduction under Section 80C & 10 (10D) of the Income Tax Act, 1956.

Likewise, this form can not be used, if an individual seeks deductions under Section 90 or 91.