Articles for Section 80 C

Understanding Section 80C: Income tax benefits for NRIs and their dependents
1 month, 2 weeks ago

Understanding Section 80C: Income tax benefits for NRIs and their dependents

Live Mint  

My daughter is 21 years old, dependent and has no income of her own. I would like to transfer some of my incometo her savings bank account and invest in her name and through that account to save on my taxable income and tax outgo. Your understanding is not entirely correct about the eligibility of non-residents to claim deductions under …

Income Invest Nri Account Tax Savings Section 80 C Savings Bank
Budget 2024: GST reduction, expansion of Section 80 C - insurance wishlist
1 year ago

Budget 2024: GST reduction, expansion of Section 80 C - insurance wishlist

Live Mint  

Ahead of the Lok Sabha elections, all eyes will be on the interim budget presented by Finance Minister Nirmala Sitharaman on February 1, 2024. Many experts opine that the term insurance requires a dedicated tax exemption category as Section 80 C gets exhausted owing to other allowable expenses. The reason is that the current Section 80 C is too cluttered …

Insurance Life Tax Products Pension Life Insurance Need
Old income tax regime vs New: Which one you should opt for?
3 years, 8 months ago

Old income tax regime vs New: Which one you should opt for?

Live Mint  

The ITR filing season has set in. This is the first year to choose, between the old tax regime with deductions and exemption and new tax regime without deductions and exemption but with lower slab rates, while filing your ITR. If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise …

Benefits Tax Loan Income Home Loan Old Lakh
Budget 2021: Why a separate section for home loan deduction is needed?
3 years, 11 months ago

Budget 2021: Why a separate section for home loan deduction is needed?

Live Mint  

With the skyrocketing prices of real estate, it is almost impossible for a young couple for buy house of their own without taking a home loan. Present provision for repayment of home loan Presently, as per Section 80 C of the Income Tax Act, an individual and an HUF are allowed to claim deduction up to ₹1.50 every year for …

Real Estate Home Loan Lakh Emi Repayment Section 80 C Loan Taken
Here’s what an individual tax payer wants from Budget 2021
3 years, 11 months ago

Here’s what an individual tax payer wants from Budget 2021

Live Mint  

With budget day approaching individual tax payers wish the Finance Minister to fulfill some of our wishes. If the government cannot make the EPF balance on retirement taxable to the extent of 40% of the accumulated corpus like NPS, which the government had attempted a few years back, the government should at least attempt to bring in parity by working …

Tax Property Balance Home Loans Interest House Lakh