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But tax exemption limit has been increased to ₹ 250,000 (US$2,900) from ₹ 200,000 (US$2,300) for those below the age of 60. Income tax exemption limit for senior citizens has been raised to ₹ 300,000 (US$3,500). Investment limit under Section 80C has also been increased to ₹ 150,000 (US$1,800) from the current ₹ 100,000 (US$1,200).
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
Interest of pre-construction period is deductible in five equal installments. The first installment is deductible in the year in which construction of property is completed or property acquired. The principal is deductible under section 80C, which has a limit of 150,000 rupees. [12] [13]
Last month, the IRS issued official notice that for calendar year 2024 the dollar-limit threshold would drop to $5,000 and further announced the 2025 threshold would be $2,500. Only in 2026 is the ...
[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]
If you’re a retiree coming into the new year, it’s a great time to think through your financial goals for the next 12 months. This could be an opportunity to rebalance your portfolio to reduce ...
Police in New Mexico said a 16-year-old teen killed four members of his family including his mom, dad and siblings over the weekend.
The benefit under Section 80C, Section 80CCC and Section 80CCD(1) is capped at ₹1,50,000 as per 80CCE. Additional investment of up to ₹50,000 under Section 80CCD(1B). This is over and above tax benefit under Section 80C; and is exclusive to NPS. [51] Employer co-contribution up to 10% of basic and DA under Section 80CCD(2) in the Old Tax ...