WebApr 13, 2024 · Section 80C of the Income Tax Act is basically allows certain expenditures and investments to be exempt from tax. If you plan your investments well and spread … 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, …
How to save tax under the new tax regime - claim these …
WebMay 22, 2024 · The annual deposit limit of Rs. 1.50 lakh is applicable whether you wish to claim the benefit under Section 80C or not for contribution made to the PPF account of your child WebApr 10, 2024 · You can still avail of certain benefits. You can claim a standard deduction of Rs 50,000 while a rebate of up to Rs 7 lakh is also available under Section 87A. Family pensioners, meanwhile, can claim a standard deduction of Rs 15,000 in the new tax regime. If your employer is contributing to your NPS account then you can claim deductions under ... chudley place
PPF account in name of your child: Contribution, income tax ... - mint
WebSep 21, 2024 · The National Pension System tax benefit under Section 80 CCD (1B) alone can save ₹15,600 in taxes in a year. The total tax deduction of ₹2,00,000 that can be … 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. WebMay 28, 2024 · Deduction on stamp duty and registration charges on property purchase could be claimed under Section 80C of the Income Tax Act, 1961. Under Section 80C, a homebuyer not only claims rebate on his home loan principal but also on stamp duty, registration charge and other additional expense. However, the overall deduction limit … destiny 2 reset infamy rank