Income Tax Exemptions And Deductions U/s 80 C For FY 2019-19, AY 2019-20 1

Income Tax Exemptions And Deductions U/s 80 C For FY 2019-19, AY 2019-20

No Income tax for individuals with Annual Taxable Income of up Rs. 5 lakh. No visible change in Income Tax Slabs. Surcharge increased by 3% for individuals with Income of Rs. 2-5 crores and by 7% for income more than Rs. Aadhaar card can be utilized interchangeably for Skillet card now.

Thus, you no longer require PAN file income tax returns. Additional deduction of Rs. 1.5 lakhs for interest on home loan availed for purchase of Affordable homes of up to Rs. Income tax deduction of Rs. 1.5 lakhs for interest on loan taken to buy an electric vehicle. The annual turnover limit for corporate tax of 25% increased to Rs. TDS of 2% on cash withdrawal of more than Rs. In a yr from a bank-account to discourage business payments in cash 1 crore. Excise Duty on fuel hiked by Re.

Tax deduction is a reduction in tax responsibility from your gross taxable income. Tax deductions are deducted from taxable income, which is known as altered gross income also. Tax deduction varies in amount as different incomes are treated differently under various sections of the income tax act. Standard Deduction of Rs.

40,000 has been allowed for salaried taxpayers. Medical Transport and Allowance Allowances has been discontinued. Government to contribute 12% EPF contributions for new employees (with less than three years of employment) in every sector. New women employees (with less than three years of employment) to contribute only 8% of salary for EPF contribution as opposed to 12% previous.

Tax deduction under Section 80 D for MEDICAL HEALTH INSURANCE expenses has been risen to Rs. 50,000 from Rs. 30,000 previous. Expense of tours up. 1 lakh incurred on critical illness has been exempted from tax under Section 80 DDB. Earlier the exemption was Rs. 60,000 for older persons and Rs. 80,000 for very senior citizens.

Tax exempted interest income on debris with banks has been increased from Rs. 10,000 to Rs. 50,000. Further, TDS will not be required to be deducted under section 194A and it has been extended to all FD and RD techniques. April Tax section 80C replaced sections 88 and became effective on 1st, 2006. This section provides provisions on the amount of payments. The entitled taxpayers can declare deductions of maximum amount up to Rs.

  • Business Money Market Account
  • The steps mixed up in selection of an equity finance for investment are
  • Refinance your financial situation using a debt consolidation reduction loan
  • 15% – Learning, buying of books or signing for programs/training
  • Failing to take the initiative

1.per year 5 lakh. Investment in PPF: You can claim a deduction for investment made in the PPF account. You are able to make investments maximum of Rs. a year 5 lakh. Receipts on maturity and withdrawal are tax free. Investment in National savings certificate: National Savings Certificate is eligible for deductions in the entire year, they are ordered.

Interest accrued on such certificates is qualified to receive tax deductions every year under section 80C, but becomes taxable at the time of maturity. Premium on life insurance coverage: You can claim a deduction under section 80C for the premium covered the life insurance coverage according to the tax act. Equity focused mutual funds: You can claim a tax deduction for investment manufactured in any device of mutual money whether it is listed on the stock exchange or not. Tuition Fees: You can claim a tax deduction for the tuition fees paid under section 80C. However, the deduction will only be suitable in the event the fees to pay by check.