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Contributions to NPS receive tax exemptions under Section 80C, Section 80CCC, and Section 80CCD(1) of the Income Tax Act. Starting from 2016, an additional tax benefit of Rs 50,000 under Section 80CCD(1b) is provided under NPS, which is over the ₹1.5 lakh exemption of Section 80C. [18] [19] [20] Private fund managers are important parts of NPS.
The tax benefit is capped at ₹1.5 lacs per financial year. PPF falls under the EEE (Exempt, Exempt, Exempt) tax basket. Contribution to the PPF account is eligible for tax benefit under Section 80C of the Income Tax Act in the old Tax Regime. Interest earned is exempt from income tax, and maturity proceeds are also exempt from tax. [3]
At the time of launch, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act, which is ₹150,000 in 2015-16. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget , tax exemption on the interest from the account and on withdrawal from the fund after maturity, making ...
[1] [2] They offer tax benefits under the Section 80C of Income Tax Act 1961. [3] ELSSes can be invested using both SIP (Systematic Investment Plan) and lump sums investment options. [4] [5] [6] There is a three years lock-in period, and thus has better liquidity compared to other options like NSC and Public Provident Fund. [7]
Tax collection is a necessary part of funding various government programs and services, but there are legal ways to avoid it. Some types of businesses and other organizations are tax-exempt, for...
For example, Texas offers a wide range of property tax exemptions to residents ages 65 and older, including an exemption from school district and county taxes and an additional $10,000 residence ...
The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$17 billion) in 1997–98 to ₹ 5,889.09 billion (US$71 billion) in 2007–08. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 lakh crore (₹11.17 trillion). [5]
Income tax exemption limit for senior citizens has been raised to ₹ 300,000 (US$3,600). Investment limit under Section 80C has also been increased to ₹ 150,000 (US$1,800) from the current ₹ 100,000 (US$1,200). Housing loan interest rate deduction limit has been increased to ₹ 200,000 (US$2,400).
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