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Are life insurance premiums tax-deductible?
Yes, life insurance premiums paid for policies in the name of self, spouse, or children are eligible for deduction under Section 80C.
Yes, life insurance premiums paid for policies in the name of self, spouse, or children are eligible for deduction under Section 80C.
See lessWhat are the benefits of investing in the National Pension System (NPS)?
Contributions to NPS are eligible for an additional deduction of Rs. 50,000 under Section 80CCD(1B) apart from the Section 80C limit.
Contributions to NPS are eligible for an additional deduction of Rs. 50,000 under Section 80CCD(1B) apart from the Section 80C limit.
See lessWhat is the maximum deduction allowed under Section 80C?
The maximum deduction allowed under Section 80C is Rs. 1.5 lakh per financial year.
The maximum deduction allowed under Section 80C is Rs. 1.5 lakh per financial year.
See lessWhat are some common tax-saving investments under Section 80C?
Common investments include Public Provident Fund (PPF), Employee Provident Fund (EPF), National Savings Certificate (NSC), and Equity-Linked Savings Scheme (ELSS).
Common investments include Public Provident Fund (PPF), Employee Provident Fund (EPF), National Savings Certificate (NSC), and Equity-Linked Savings Scheme (ELSS).
See lessHow can one verify TDS deductions?
TDS deductions can be verified through Form 26AS, which can be accessed from the Income Tax Department's e-filing portal.
TDS deductions can be verified through Form 26AS, which can be accessed from the Income Tax Department’s e-filing portal.
See lessWhat is Form 26AS?
Form 26AS is a consolidated tax statement that shows the details of TDS, TCS, and other taxes paid during a financial year.
Form 26AS is a consolidated tax statement that shows the details of TDS, TCS, and other taxes paid during a financial year.
See lessHow can one claim a TDS refund?
TDS refunds can be claimed by filing an income tax return, where the excess tax paid will be refunded by the Income Tax Department.
TDS refunds can be claimed by filing an income tax return, where the excess tax paid will be refunded by the Income Tax Department.
See lessWhat are the TDS rates for salary income?
TDS on salary is deducted based on the applicable income tax slab rates of the employee.
TDS on salary is deducted based on the applicable income tax slab rates of the employee.
See lessWhat is Tax Deducted at Source (TDS)?
TDS is a mechanism where the payer deducts a certain percentage of tax before making a payment and remits it to the government.
TDS is a mechanism where the payer deducts a certain percentage of tax before making a payment and remits it to the government.
See lessWhat documents are needed for filing income tax returns?
Common documents include Form 16, bank statements, investment proofs, TDS certificates, and details of other income sources.
Common documents include Form 16, bank statements, investment proofs, TDS certificates, and details of other income sources.
See less