#income tax act 1961

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Deductions which can be claimed under the New Income Tax Regime

Are you navigating the complexities of tax planning under the new income tax regime? Are you looking to maximize your savings by leveraging all available deductions? Look no further! In this definitive guide, we’ll walk you through the myriad deductions offered under the Income Tax Act of 1961 in the new regime, empowering you to make informed financial decisions and optimize your tax…

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Taxation Rules for non-residents in India including Foreign Citizens

Incidents of taxation on Income earned by non residents in India depends upon his physical presence in India during last financial year. Whether an income earned by an individual in India or outside India, is taxable in India depending upon his stay in India rather than on his citizenship. Invariably, the person holding foreign citizenship remain under wrong impression that taking up foreign citizenship would help them for obtaining tax benefits. The Income Tax Act 1961 (as amended uptill date “the Act”)does not provide any benefit to an assessee on the basis of  his citizenship.  Read More - https://www.pkpconsult.com/blog/taxation-rules-for-non-residents-in-india-including-foreign-citizens.html

[indilegalonline]

Section 24 of Income Tax Act

Section 24 of Income Tax Act –Deductions from income from house property Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—  (a) a sum equal to thirty percent of the annual value;  (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any…

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mera dushman?

INCOME TAX ACT 1961

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Income Tax Audit in India

What is a Income Tax Audit in India? Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit done to verify all income

Income Tax Audit in India | Income Tax Audit in Delhi

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Sukanya Samriddhi Yojana 2023 Benefits & Interest Rates

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India in 2015 as part of the "Beti Bachao Beti Padhao" campaign. The scheme is designed to encourage parents to save for the future education and marriage expenses of their girl child.

Here are some of the benefits and interest rates associated with Sukanya Samriddhi Yojana:

High Interest Rates: The current interest rate for Sukanya Samriddhi Yojana is 7.6% per annum (as of January 2022), which is higher than most other government-backed savings schemes.

Tax Benefits: Contributions to Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The interest earned and the final maturity amount are also tax-free.

Flexible Investment Options: Parents or guardians can open an SSY account for their girl child with a minimum initial deposit of Rs. 250. They can make contributions in multiples of Rs. 100, up to a maximum of Rs. 1.5 lakh per annum. The account can be opened until the girl child attains the age of 10 years.

Long Maturity Period: The maturity period for Sukanya Samriddhi Yojana is 21 years from the date of opening the account. This makes it an ideal savings scheme for long-term financial planning.

Partial Withdrawals Allowed: Partial withdrawals of up to 50% of the balance in the account are allowed once the girl child attains the age of 18 years, for the purpose of higher education or marriage.

Account Transferable: In case of a change in residence of the account holder, the account can be transferred anywhere in India.

Overall, Sukanya Samriddhi Yojana is a great savings scheme for parents who want to secure their daughter's future education and marriage expenses. It offers high interest rates, tax benefits, and flexible investment options, making it a popular choice among investors.

[sonalj]

Buy Best 3 Crore Term Insurance Plan Online In India 2024

What is ₹3 Crore Term Insurance?

A ₹3 Crore term insurance plan is a type of life insurance policy that offers a death benefit of three crore rupees to the beneficiaries in the event of the policyholder’s demise during the policy term. This means that if the policyholder passes away within the coverage period, their family members or chosen beneficiaries will receive a lump sum payout of ₹3 Crore rupees from the insurance company.

Why Do You Need ₹3 Crore Term Insurance?

Term insurance serves as a crucial financial tool for individuals and families, providing essential protection against life’s uncertainties. Among the various coverage options available, a ₹3 Crore term insurance plan stands out for its substantial coverage amount. Let us explore why you might need ₹3 Crore term insurance and the benefits it offers for securing your family’s financial future.

Comprehensive Financial Protection

One of the primary reasons to opt for ₹3 Crore term insurance is to ensure comprehensive financial protection for your loved ones in the event of your untimely demise. With a coverage amount of ₹3 Crore, your family members or chosen beneficiaries will receive a substantial lump sum payout from the insurance company. This amount can help cover various expenses such as outstanding debts, mortgage payments, children’s education expenses, daily living expenses, and other financial obligations, ensuring that your family can maintain their standard of living even in your absence.

Adequate Coverage for Future Needs

As financial responsibilities and expenses continue to rise, it is essential to have adequate insurance coverage to meet future needs effectively. A ₹3 Crore term insurance plan offers substantial coverage that can provide for your family’s long-term financial security. Whether it is funding your children’s education, paying off the mortgage, or providing a financial cushion for your spouse’s retirement, a ₹3 Crore term insurance ensures that your loved ones are adequately provided for in the years to come.

Tax Benefits

In addition to providing financial protection, a ₹3 Crore term insurance plan offers tax benefits that can help you save on taxes. Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to a specified limit. Additionally, the death benefit received by the nominee or beneficiaries is tax-exempt under Section 10(10D) of the Income Tax Act, ensuring that the insurance proceeds remain tax-free.

[thetaxguyin]

Late Fees for Default in Filing Income Tax Returns

Filing income tax returns is a crucial responsibility for taxpayers, ensuring compliance with the provisions of the Income Tax Act of 1961. However, failure to file returns within the stipulated deadline may attract late fees and penalties. In this blog post, we explore the implications of late fees for default in filing income tax returns, shedding light on the provisions laid down under the…

[indilegalonline]

Section 16 of Income Tax Act 1961

Section 16 of Income Tax Act 1961-Deductions from salaries The income chargeable under the head “Salaries” shall be computed after making the following deductions, namely :—   (i) [***] (ia) a deduction of fifty thousand rupees or the amount of the salary, whichever is less;  (ii) a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an…

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Maintaining Books Of Accounts Under Income Tax Act

Maintaining Books Of Accounts Under Income Tax Act Here are some FAQs on maintaining books of accounts under Income Tax Act 1961. These will help you in ascertaining relevant provisions of the Act. Q-1: Who is required to maintain books of accounts? Ans.: An assessee is required to prepare and maintain books of accounts if his income or gross turnover or receipts, as the case may be, exceeds…

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Women and Wealth

Are you aware of the lucrative tax benefits for salaried women? From home loans and HRA to investments in Sukanya Sam Riddhi Yojana (SSY) and education loans, knowing your options can help you save big and plan smarter.

As a working woman, you are balanced with many responsibilities. This should be one less thing to worry about-tax dues. Understanding tax-saving options not only reduces your liabilities but also empowers you to make better financial decisions. Let's look through some key benefits that each salaried woman should know.

1. Save While Repaying a Home Loan

Owning a home is a dream, and if you’ve taken a home loan, it comes with tax benefits:

Principal repayment: Claim up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961.

Interest repayment: The interest paid can also be claimed as a deduction under Section 24(b).

2. Use Your House Rent Allowance (HRA)

If you rent, House Rent Allowance (HRA) can help reduce your taxable income substantially. You can claim the least of the following as a deduction:

Actual HRA received. 50% of the amount of (basic salary + DA) in metro cities or 40% in non-metro cities. Actual rent paid minus 10% of the amount of (basic salary + DA).

3. Invest in Sukanya Samriddhi Yojana (SSY)

For women with daughters less than 10 years old, SSY is a great way of securing the future for your child and saving tax simultaneously. The scheme offers an EEE category triple tax benefit:

Investments are deductible under Section 80C, to the extent of ₹1.5 lakh annually.

The interest so earned is tax-free.

Withdrawals at maturity are tax-free as well.

4. Save Taxes While Repaying Education Loans Did you know your education loan can help you save taxes? Under Section 80E, the total interest paid on an eligible education loan is deductible during a financial year, without any upper limit. This applies to loans taken for yourself, your spouse, or your children.

5. Claim Deductions on Savings Bank Account Interest

Interest earned on your savings account is taxable under "Income from Other Sources," but Section 80TTA allows a deduction of up to ₹10,000 per financial year.

6. Donate to Relief Funds and Charities

Giving back can also help you save on taxes! Under Section 80G, donations to specified relief funds and charities can be claimed as deductions (50% or 100% of the donation amount).

Important: For donations above ₹2,000, make use of digital payment modes since cash donations are not admissible.

Slay and Save, Queen! The Income Tax Act, 1961 offers a plethora of methods to salaried women saving their taxes. From strategic deductions to smart investments, these provisions can help you keep more money in your pocket.

Need some help? Download the JJ Tax app or go to www.jjfintax.com to determine liabilities, track expenses, and learn all about your money. Empowering each other to be tax-saving queens!

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Introduction of Income tax act 1961