Income Tax

Discussion in 'Money Matters' started by venlax, Jan 13, 2016.

  1. venlax

    venlax Silver IL'ite

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    Hi Investors.

    As we have to give our PAN no in all our investments, they got reflected under one group.
    1.Suppose if u are having deposits in various branches of same Bank, the interest all put together,if it exceeds Re.10000/= , tax will be deducted.
    2.If u are having Demat a/c (shares etc.) all your mutual funds where PAN is provided, will be shown in the NSE statement.If small amounts are invested it is O.K. Otherwise large amounts means ,income tax has to be taken care of while redeeming the mutual funds.
    There are so many things like this.Please be careful even though small investors are not subject to much scrutiny.

    " The woods are Lovely,Dark & Deep but I have Promises to keep & miles to go before I sleep" venlax
     
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  2. simba1211

    simba1211 Junior IL'ite

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    Tax Benefits

    The Tax Benefits of Life Insurance Saving Plans
    The Tax exemption available under our insurance and pension policies are described below:

    Under Sec.80C of the Income Tax Act
    Premiums paid upto maximum of Rs.1,00,000/-, subject to maximum of 20% of Sum Assured ,to effect or keep in force an insurance on the life of the Individual, the spouse and any child of the individual.

    Under Sec.80CCC of the Income Tax Act
    Premiums paid upto maximum of Rs. 1,00,000/- to effect or keep in force a contract of annuity plan for receiving pension.

    However, u/s.80 CCE, the aggregate amount of deduction under section 80C, section 80CCC, and section 80CCD shall not, in any case exceed Rs. 1 lakh

    Under Sec.80 D of the Income Tax Act
    Premiums paid (other than through cash) towards Critical Illness Rider, subject to a total maximum of Rs.15,000/- (an additional Rs 5,000 for senior citizens) to effect or keep in force an insurance on the health of the individual, spouse and dependent parents or children.

    Maturity Benefits are exempted Under Sec.10(10D) of the Income Tax Act.Maturity benefits are tax free. However in cases where premium exceeds 20% of Sum assured in any year, benefits paid in excess of premiums paid will be taxable.
     

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