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A Form 16 is a certificate issued to salaried class to acknowledge the deduction of TDS from their salary by the employer. [9] It must be issued by 15 June of the following year for which it is being issued. For the F.Y. 2017–18, the due date for issue of Form 16 shall be 15 June 2018.
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
National Savings Certificate (NSC) (VIII Issue) Infrastructure bonds §80CCC – Life Insurance Corporation annuity premiums up to ₹ 150,000 §80CCD – Employee pension contributions, up to 10 percent of salary §80CCG – Rajiv Gandhi Equity Savings Scheme, 2013: 50 percent of investment or ₹25,000 (whichever is lower), up to ₹ 50,000
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 ...
The holder gets the tax benefit under Section 80C of Income Tax Act, 1961. [ 1 ] [ 2 ] Other similar government savings schemes in India include: Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring Deposit, etc. [ 3 ] The certificates were heavily promoted by the Indian government in the 1950s after India's ...
Adjustments to income: IRA deduction or alimony expenses change. Final Take Learning how to fill out a W-4 form correctly can help you to avoid a massive tax bill .
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India.It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 19
It's Higher This Year. If you think swipe fees dropped with inflation, guess again. Last year they were $18.6 billion. Since 85% of holiday purchases will be made with credit or debit cards, that ...