Tax benefit under Section 80C Tax benefit under Section 80C: Under Section 80C of the tax laws, certain investments and expenses are eligible for tax benefits. Here are some examples of investments and expenses that qualify: 1.Life Insurance Premiums: Premiums paid towards life insurance policies, whether for yourself, your spouse, or your children, are… Read More »
Tax Planning Tax Planning involves examining a taxpayer’s financial situation from a tax standpoint and formulating strategies to legally decrease or postpone their tax obligations. The objective of tax planning is to minimize the amount of taxes owed while ensuring adherence to tax laws and regulations. It is an integral component of comprehensive financial planning… Read More »
Recurring Deposits tax deduction Yes, recurring deposits come under Section 80C of the Income Tax Act and are eligible for tax deductions up to a maximum limit of Rs. 1.5 lakh per financial year. However, it is important to note that the tax deduction under this section is not limited to recurring deposits alone, but… Read More »