Finance Act, 2016 has introduced deduction of interest payable on housing loan for first time home buyers taken from any financial institution over and above the deduction allowed under section 24b. Section 80EE has been amended for this purpose. The deduction is allowed only to individuals, maximum limit of deduction
This section is inserted by Finance Act,2012 and is applicable from Assessment Year 2013-14. Eligible Assesee – Resident Individual who is a new retail investor whose Gross Total Income does not exceed Rs. 12 lakhs Amount eligible for deduction – Amount invested in listed equity shares or listed units of
Eligible Assessee – Individual and HUF Maximum amount of Deduction – A maximum of Rs. 1,50,000 is allowed as deduction under sections 80C, 80CCC, 80CCD(1) aggregately. Deduction is allowed whether the payment is made out of income chargeable to tax or not. Deductions allowed – Life insurance premium Contribution by
This section is inserted in budget 2018 and is applicable from financial year 2018-19. When a senior citizen receives interest on deposits with a bank a co-operative bank a post office then he is allowed a deduction of such interest up to maximum limit of Rs. 50,000. Also note that
National Pension Scheme (NPS) is launched with the objective of providing retirement income to the government employees on 01st January 2004. It is a government sponsored pension scheme initially launched for Government employee but from 01st May 2009 the scheme was opened for all the citizens of India. NPS aims
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