WebSep 1, 2024 · The Assessment Financial Year will be 2024-23 when you calculate and pay the tax amount on this earning. The overall tax deduction available under section 80C is Rs 1.5 lakhs (under section 80C, 80CCC, … WebThe Indian Income Tax Act offers several provisions. Below mentioned are the several types of income tax deductions in India: 1. Public Provident Fund (PPF) You can receive tax deduction u/s 80C of the IT Act, 1961, by giving your contribution to your PPF account. 2. Life Insurance Premiums
income tax saving: Using only 80C for tax saving? New tax regime …
WebApr 12, 2024 · Under the new tax regime, a rebate of Rs 7 lakhs has been introduced. With this, people who earn Rs 7 lakh don’t have to pay any tax. ... Deduction under Sections 80C; 80CCC; employee contribution u/s 80CCD; 80D; 80DD; 80DDB; 80E; 80EEA except those under 80CCD(2) and 80JJAA ... (NPS) account under section 80CCD(2) of the Income Tax … WebMay 25, 2024 · According to chartered accountants, this is necessary to claim the full tax-saving benefit of Rs 1.5 lakh, which is the maximum allowed under section 80C. However, in order to do this, you may have to end up investing at least Rs 500 more than Rs 1.5 lakh i.e., Rs 1,50,500 in case of a lump sum investment. imagine dragons league of legends songs
Home Loan Tax Benefits: Tax Rebate Under Section 24, 80EE, 80C
WebNov 4, 2016 · There are two possibilities for taxpayers (up to age 60) getting a rebate. One, where gross income is less than Rs 5 lakh. Here, just filing an ITR suffices. Second is where gross income is say Rs. 8 lakh but deductions under sections 80C, 80CCD etc make your taxable income fit for rebate. WebNov 18, 2024 · Read More: Complete Procedure for Income Tax e-Filing Detailed Analysis of Options to Save Tax Under Section 80C Public Provident Fund. Contributions to the Public … WebApr 10, 2024 · If these details do not tally with the income tax return of the taxpayer, one may receive a notice under section 142(1) read with section 143(2) for additional information and scrutiny. list of famous queens