Category: Personal Finance

Section 80CCC: Tax Deduction for Contribution to Pension Funds

Section 80CCC was introduced so as to encourage taxpayers to invest in Pension Funds and secure their future. Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a...

Read More
Income Tax & TDS on Interest on Recurring Deposit (RD)

When you have a lump-sum amount to invest, it is always advisable to invest in Fixed Deposits. But when you don’t have a lump-sum amount to invest, and can save a defined amount from your income every month, Recurring Deposits...

Read More
Section 80D: Deduction for Medical Insurance & Health Checkup

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the...

Read More
Section 80CCD: Deduction for NPS Contribution (Updated)

Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be claimed at the time of filing of the income tax...

Read More
All about Kisan Vikas Patra (KVP) | Interest Rate @ 7.3%

Kisan Vikas Patra (KVP) which was discontinued in Dec 2011 has been again reintroduced in the Budget 2014 which was presented by Arun Jaitley. This instrument was earlier discontinued due to fears of Money Laundering as it was a Bearer...

Read More
Section 80C: Deduction for Children School/Education Fee

To promote education in India, the govt allows for Income Tax Deduction under Section 80C & Section 80E. Deduction under Section 80C is allowed for payments made by self and deduction under Section 80E is allowed for Loan taken for...

Read More
Income Tax Deductions for expenses incurred on Children

An Individual incurs various expenses for proper upbringing of their children. Some of these expenses can also be claimed as an expense under the income tax act and will help a taxpayer save his income tax. The taxpayer would be...

Read More
Kisan Vikas Patra: 4 Reasons not to invest in this

Kisan Vikas Patra (KVP) has been reintroduced in Budget 2014 which was earlier discontinued in the year 2011. The Kisan Vikas Patra which is a fixed income earning instrument and on which fixed interest is paid can be purchased from...

Read More
Debt Mutual Funds vs Equity Mutual Funds

A Mutual Fund is a professionally organised fund which collects money from the public and then invests this money in those instruments for which it has raised funds.  There are many types of Mutual Funds, but the 2 most popular...

Read More
What are Debt Funds? Debt Fund vs Fixed Deposit?

Debt funds have become very popular in the past few years and many people had started shifting funds from Fixed Deposit to Debt Funds as the tax levied was very levy low on Income from Debt Funds as compared to...

Read More