However, even if you miss submitting these proofs to your employer, the claim for such investments made can be done at the time of filing your return of income as long as these investments have been made before the end of the relevant FY. wide range of We aim to respond to all email enquiries within 24 hours. But, while Check out the conditions you must meet to avail this deduction for ay 2016-17FInd out if you should include employer’s contribution to NPS in your taxable salary. Hence, you can claim both premiums paid as a deduction under Section 80D.If you are a senior citizen above 60 years of age, then your interest income from a Fixed Deposit is exempt under Section 80TTB.Taxpayers can claim a tax deduction or exemption in schedule DI of the income tax return towards tax-saving investments including deposits, expenditure and capital gains exemptions until 30 June 2020.you can make a donation to the PM CARES Fund for COVID-19 coronavirus pandemic. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Read on to know more on eligibility, section 10 (23AAB) & more.Contributions made to the National Pension Scheme (NPS) or the Atal Pension Yojana (APY) comes under 80CCD deductions. start work on the demolition. starting from 1 April 2017. There is no monetary ceiling on this deduction.If you are an individual or an HUF, you may claim a deduction of maximum Rs 10,000 against interest income from your savings account with a bank, co-operative society, or post office. The loan must be sanctioned between 1 April 2013 and 31 March 2014. Investment in this scheme allows a tax benefit under Section 80C upto Rs 1.5 lakhs.The Senior Citizens Savings Scheme (SCSS) is primarily for senior citizens of India that offers regular income. They can avail income tax deduction, subject to the location of the business in certain specific areas. Until FY 2017-18, the deduction that could be claimed for a senior citizen and a super senior citizen was Rs 60,000 and Rs 80,000 respectively. Read more on eligible deductions, exceptionSuperannuation benefit is among the retirement benefits offered to employees by their employers where employer contributes for /on behalf of employees. Just upload your form 16, claim your deductions and get your acknowledgment number online. Hence, the insurance premium you are paying will also help you claim an 80C deduction.7. Who Should Invest in Them?How to Reach Rs 1,50,000 under Section 80C with No Investments?Tax Benefit to Employee on Medical Reimbursement of up to Rs.15,000Section 80TTA – All about Claiming Deduction on InterestShould I include employer’s contribution to NPS in my taxable salary?How to Get a Certificate for Claiming Deduction under Section 80DDBHow to save tax when you miss the income tax proof submission deadlineTax Benefits on Children Education Allowance, Tuition fees & School FeesTax Benefit on Stamp Duty & Registration Charges of a PropertySection 80EE Income Tax Deduction for Interest on Home LoanSection 80E Income Tax Deduction or Interest on Education LoanBudget 2017- Partial withdrawal from NPS exempt from taxMaking the most of your Public Provident Fund (PPF)What to do when you miss the income tax proof submission deadlineSection 87A Tax Rebate for FY 2017-18 & for FY 2016-17Section 80E Deduction for Interest on Education Loan In short, this means that when there is the intention to demolish a building or indeed part of a building, the owner will need to let the Local Authority that they intend to do so before the demolition is carried out. A deduction up to Rs.40,000 is available to a resident individual or a HUF. Section 81 of the Building Act 1984, this means that any demolition work will Deductions allowed under the income tax act help you reduce your taxable income. In addition to this, you will also be eligible to claim deduction of premium paid on the policy taken for your senior citizen parents upto a maximum of Rs 50,000 (this limit was Rs 30,000 until FY 2017-18.
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