Finotree

 For Your Information : Only 2 journeys in block of 4 years is Exempt – Exemption is available in respect of 2 journeys performed in a block of four calendar years commencing from 1986. Different blocks are : a.         1998-2001 (i.e. January 1, 1998 to December 31, 2001); b.        2002-2005 (i.e. January 1, 2002 to December 31, 2005); c.         2006-2009 (i.e. January 1, 2006 to December 31, 2009); d.        2010-2013 (i.e. January 1, 2010 to December 31, 2013); e.        2014-2017 (i.e. January 1, 2014 to December 31, 2017); “Carry over” concession – If an assessee has not availed travel concession or assistance during any of the specified four-year block periods on one of the two permitted occasions (or on both occasions), Exemption can be claimed in the first calendar year of the...

Summary of Section 80C Deduction u/s 80C for AY 19-20 Nature of Payment   Life insurance premium (including payment made by government employees to the central government employees insurance scheme and payment made by a person under children's deferred endowment assurance policy). Payment in respect of non-commutable deferred annuity. Any sum deducted from salary payable to  government employee  for the purpose of securing him a deferred annuity. Contribution (not being repayment of loan) towards statutory provident fund and recognized provident fund. Contribution (not being repayment of loan) towards 15 year public provident fund. Contribution towards an approved Superannuation fund. Contribution to National Saving Certificate and deposit in "Sukanya Samriddhi Account". Contribution for participating in the unit-linked insurance plan (ULIP) of Unit Trust of India. Contribution for participating in the unit-linked insurance plan (ULIP) of LIC Mut...

Income tax benefits available under Section 80C Life insurance premium (LIC) As per current tax laws, premium paid towards subscription or activation of a life insurance policy is eligible for tax benefit under Section 80C. This includes premium paid towards life insurance for self, dependent children and parents under certain conditions. The amount of premium up to 10 per cent of the sum assured (in case of policies issued after April 1, 2012) is eligible for deduction, according to income tax laws.   For example   Mr A is taken LIC for his Family Self Premium Paid Rs 1,000/- & Sum assured Rs 1,00,000/- Parents Premium Paid Rs 1,000/- & Sum assured Rs 1,00,000/- Mr A will allowed Deduction of Rs 2000/- (Maximum up to Rs 20,000/-) 5 Year tax saving FD Most commercial banks offer a special type of fixed deposit scheme. This scheme, often referred to as a  five-year tax-saving FD , comes with a lock-in period of five ...

NPS Tier I, Tier II accounts: 5 lesser known facts, know about them before you invest During the process of opening the NPS account, there are two different accounts in the scheme- Tier I NPS account and Tier II NPS account. With the new rules regarding the taxation of the withdrawal amount at the time of maturity, the interest in the National Pension System (NPS), seems to be picking up. To open the NPS account, one may visit any authorised POP( point of presence) or can get an eNPS opened online. During the process of opening the NPS account, there are two different accounts in the scheme- Tier I NPS account and Tier II NPS account. Let us see what are NPS Tier 1 and Tier 2 accounts and how different are they from each other and also see out of NPS Tier 1 and Tier 2 accounts which one is better. 1. Is Tier 2 account mandatory The Tier 1 NPS account is the mandatory account and on opening the NPS it automatically gets created by filling the Subscriber Registration Form. The...