Filing of Income tax returns – Interest, penalty, other facts

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Have you missed your tax filing deadline of 31st July, 2010 for FY 2009-10?  Nothing to worry. You can still file your Return for the FY 2009-10. File before 31st March, 2011 and avoid penalty imposed by the IT Department In case you have missed the deadline to file your return of income (31st July … Continue reading Filing of Income tax returns – Interest, penalty, other facts

Investment in scientific research or rural development and save taxes- 80GGA

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In case you are not engaged in any business or profession and have made donation for scientific research or rural development, then you are entitled to deduction under section 80GGA for any such amount contributed towards the same and can save taxes in the donations made so. Section 80GGA covers the following contributions: Any sum … Continue reading Investment in scientific research or rural development and save taxes- 80GGA

Save taxes and secure future -pension scheme of Central Government – 80CCD

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(1) Where an individual employed by the Central Government deposits any amount under a pension scheme notified by the Central Government, he shall be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited as does not exceed 10% of his salary in the previous … Continue reading Save taxes and secure future -pension scheme of Central Government – 80CCD

DTC – Impact on taxability for salaried individuals – EEE vis-à-vis EET

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The Government of India is keen on scrapping the age old Income Tax Act, 1961, and implementing a new Direct Tax Code. Direct Tax Bill has been presented and government expects to implement the new code with effect from 01st April, 2012. Let’s have a look on the impact of DTC (Direct Tax Code) on … Continue reading DTC – Impact on taxability for salaried individuals – EEE vis-à-vis EET

Save taxes on payment made for medical treatment- 80DD

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The Income Tax Act provides the facility to an assessee being a resident individual or Hindu Undivided Family, of claiming deduction under section 80DD for expenditure incurred towards the medical treatment including nursing, training, and rehabilitation of a disable dependant. The deduction is also available if you have deposited any amount under the scheme framed … Continue reading Save taxes on payment made for medical treatment- 80DD

Invest in infrastructure bonds and save taxes- 80CCF

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An investment upto a maximum of Rs.20000 in infrastructure bonds would be deductible from your taxable income. This deduction will be over and above the existing overall limit of tax deduction on savings of upto Rs.1 lakh under section 80C, 80CCC and 80CCD of the Act. The benefit of saving tax through Infrastructure Bonds is … Continue reading Invest in infrastructure bonds and save taxes- 80CCF

Reduce your taxes towards payment made for medical treatment – 80DDB

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Under the provision of Income Tax Act, a resident individual can claim deduction under section 80DDB for actual payment towards the medical treatment of the specified diseases or ailments and save taxes. Deduction is allowed for the actual amount paid or Rs.40000, whichever is lower towards the medical treatment of specified diseases or ailments of … Continue reading Reduce your taxes towards payment made for medical treatment – 80DDB

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