Deduction under section 80D is available to an Individual and Hindu Undivided Family. To get eligible for tax deduction under section 80D, medical insurance is to be paid by an individual or Hindu undivided family out of the income that is chargeable to tax during the financial year. Eligibility Under Section 80D Premium paid on Medical insurance Policy issued by GIC or any … [Read more...] about Section 80D – Deduction in respect of medical insurance premia
Section 80CCG – Rajiv Gandhi Equity Saving Scheme
Rajiv Gandhi equity scheme is for a new retail investor and also for those investors who have opened the demat account but have not made any transactions in stocks and/or derivatives till the date of notification. Under Rajiv Gandhi Equity Scheme following investments in stocks are allowed; Stocks listed under the BSE 100 or CNX 100 or Stocks of PSUs which are … [Read more...] about Section 80CCG – Rajiv Gandhi Equity Saving Scheme
Section 80CCF – Deduction in respect of long term infrastucture bonds
Section 80CCF is applicable to an Individual or Hindu Undivided Family for his investment in Long Term Infrastructure Bonds. Eligible Amount for deduction under section 80CCF is the amount paid or deposited during the previous year as subscription to notified long term infrastructure bonds subject to a maximum amount of Rs. 20, 000. Relevant Conditions to get deduction under … [Read more...] about Section 80CCF – Deduction in respect of long term infrastucture bonds
Section 80CCC – Deduction In respect of contribution to certain penstion funds
Under section 80CCC deduction is available to an individual for any amount paid or deposited by him in any annuity plan of LIC or any other insurer for receiving pension from a fund referred to in section 10 (23AAB). Eligible Amount: Deposit or payment made to LIC or any other insurer in the approved annuity plan for receiving pension subject to a restriction of Rs. 1, 00, … [Read more...] about Section 80CCC – Deduction In respect of contribution to certain penstion funds
Mode of payment of TDS to Government
Payment of TDS has been made easy for the deductor by introducing the online payment facility by income tax of India. Followings rules are to be followed while making payment of TDS deducted; In the case of an office of the Government, where tax has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the … [Read more...] about Mode of payment of TDS to Government
Due date for filing Quarterly TDS or TCS statements
In all cases except when tax is deducted by an office of the government TDS Form For the quarter ending Due date of filing 24Q – For TDS Salary26Q – For TDS Others27Q – For Non resident 27EQ – For TCS 31st March May 15th 24Q – For Salary26Q – For TDS Others27Q – For Non Resident 30th June July 31st 24Q – For Salary26Q – For TDS Others27Q – For Non … [Read more...] about Due date for filing Quarterly TDS or TCS statements
When and how to furnish TDS Certificate under section 203 of IT Act
The certificate of deduction of tax at source ( TDS ) by any person in accordance with Chapter XVII‐B or the certificate of payment of tax by the employer on behalf of the employee under sub‐section (1A) of section 192 shall be in‐ Form No. 16, if the deduction or payment of tax is under section 192; and Form No. 16A if the deduction is under any other provision of … [Read more...] about When and how to furnish TDS Certificate under section 203 of IT Act
Certificate of tax collected at source (TCS) under section 206C(5).
The certificate of TCS under sub‐section (5) of section 206C to be furnished by the collector shall be in Form 27D. The TCS certificate referred to in sub‐rule (1) shall specify: valid permanent account number (PAN) of the collectee; valid tax deduction and collection account number (TAN) of the collector; book identification number or numbers where deposit of … [Read more...] about Certificate of tax collected at source (TCS) under section 206C(5).
Section 80CCD – Tax Deduction In Respect Of Contribution To Pension Scheme Of Central Government
Section 80CCD is applicable to an Individual in the employment of Central Government or any other employer on or after 1-1-2004 or any other tax payer being an individual. From assessment year 2009-10 onwards, even a self employed person can take benefit of section 80CCD deduction. The tax payer will be eligible for deduction under section 80CCD if deposit or payment made by … [Read more...] about Section 80CCD – Tax Deduction In Respect Of Contribution To Pension Scheme Of Central Government
Obligation to furnish return of income in the case of individual
Every individual whose total income before allowing deductions under Chapter VI-A of the IT Act, exceeds the maximum amount which is not chargeable to tax is obligated to furnish his return of income. The maximum amount not chargeable to tax in case of different categories of individuals is as follows:- Sl. No. Category Amount (in Rs.) i. In case of … [Read more...] about Obligation to furnish return of income in the case of individual