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Tax Benefit Regarding Life Insurance Premium, PPF Contributions, Nscs, Tuition Fees, etc.

[ Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable]

A deduction as per Section 80C from income upto Rs. 1,50,000 for payments made by an Individual or Hindu Undivided Family in respect of any one or more of the following [without any sub-limit for any Investment] is allowed:

  1. Payment for Life Insurance Premium.

  2. Payment for Deferred Annuity Plan.

  3. Deferred Annuity payable by Government.

  4. Contribution to Public Provident Fund.

  5. Contribution to Provident Fund set upby Central Government.

  6. Contribution to Recognized Provident Fund.

  7. Contribution to Recognized Superannuation Fund.

  8. Subscription to any security or deposit notified by Government.

  9. Subscription to Savings Certificates.

  10. Subscription for Unit-Linked Insurance Plan, 1971.

  11. Contribution for Unit Linked Insurance Plan of LIC Mutual Fund.

  12. Payment for Annuity Plan of LIC or any other insurer.

  13. Subscription to units of Notified Mutual Funds.

  14. Contribution to Notified Pension Fund of Mutual Fund.

  15. Pension fund set up by National Housing Bank.

  16. Subscription to Deposit Scheme of Public Sector Company engaged in providing long-term finance for house.

  17. Tuition fees of two children in India.

  18. Payment of installment for self-financing for a residential property or repayment of loan.

  19. Subscription to equity shares or debentures as approved (for infrastructure).

  20. Subscription to any units of Mutual Fund as approved by the Central Board of Direct Taxes.

  21. Five-year Bank Fixed Deposit with conditions (from A.Y. 2007-08).

  22. Notified Rural Bonds issued by NABARD

  23. Account under the Senior Citizens Saving Scheme, 2004.

  24. Five-year time deposit in Post Office.

Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
1.Tax Benefit Regarding Life Insurance Premium, PPF Contributions, Nscs, Tuition Fees, etc.
2. Deduction For Donations To Certain Funds And Charitable Institutions
3. Deduction In Respect Of Profits And Gains From A New Industrial Undertaking Or Infrastructural Facility
4. Five-Year Tax Holiday To Hospitals At Certain Locations Sec. 80-1B (IIC)
5. Tax Holiday To Enterprises Providing Telecommunication Services, Industrial Parks, New Hotels And Having Commercial Production Of Mineral Oil
6. Five Year Tax Holiday For New Industrial Undertakings In Industrially Backward Areas & Districts
7. Liberalisation Of Tax Holiday Provision For Infrastructure, Telecom Services, Power Generation, Special Economic Zones, Industrial Parks, etc. [ Section 80-IA]
8. Ten Year Tax Holiday In Respect Of Certain Undertakings In Himachal Pradesh, Sikkim, Uttaranchal And N.E. States Section 80-IC
9. Five-Year Tax Holiday For Hotels In Districts Having A World Heritage Site Sec. 801D
10. Tax Holiday For Hotel And Convention Centres In NCT Of Delhi And Other Areas Section 801D
11. Deduction’ In Respect Of Medical Insurance Premia Section 80D
12. Additional Deduction For Health Insurance Premium Paid For Parents Section 80D
13. Deduction Of Repayment Of Loan For Higher Studies Section 80E
14. Deduction In Respect Of Certain Undertakings In North Eastern States
15. Other Deductions Like Depreciation, Etc. To Nonresident Indians

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