The benefit of 80C is not available if income tax return is filed after the due date is a misconception

As per existing provisions of Section 80AC of the Act, no deduction was admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE, unless the return of income by the assessee was furnished on or before the due date specified under Section 139(1).

On September 27, 2018 by www.taxexcel.net

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As the winter is setting in, 2015 seems to be getting over too soon! Another couple of months will beget the close of this financial year. Which also means its time to get ready with tax saving documents and investment proof declarations which have to be submitted to your employer. Your employer can then adjust your TDS deductions accordingly.

Today we bring you a quick recap of all the tax changes which were announced in the Budget of 2015 and are applicable effective financial year 2015-16. These changes are new tax savings means which you can start to take advantage of this year. Hope you stand to gain from a couple of these!

Download Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for the Financial Year 2015-16 with all below amended Section

Download Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for the Financial Year 2015-16

Income Tax Changes compared to last financial year
Details	Section	Deductions Last FY	Deductions in the current FY
NPS	80CCD(1B)	–	Additional deduction of Rs 50,000
Health Insurance under section 80D
Health Insurance (for self, spouse and children)	80D	Rs 15,000	Rs 25,000
Health insurance (for senior citizen parent)	80D	Rs 20,000	Rs 30,000
Health care expenses for parent above 80 years who don’t have insurance	80D	–	Rs 30,000 or actual expenses whichever is lower
Note : maximum deduction for parents not to exceed Rs 30,000
Deduction for medical treatment of disabled dependant of tax payer	80DD
disabled dependent of tax payer (with 40% disability)	80DD	Rs 50,000	Rs 75,000
with 80% or more disability	80DD	Rs 1,00,000	Rs 1,25,000
Deduction for disabled tax payer	80U
with 40% disability	80U	Rs 50,000	Rs 75,000
with 80% or more disability	80U	Rs 1,00,000	Rs 1,25,000
Medical treatment for parents above 80 years for specified diseases	80DDB	Rs 60,000	Rs 80,000
Transport allowance		Rs 9,600	Rs 19,200
Sukanya Samriddhi Yojana	80C	–	Rs 1,50,000

On April 05, 2016 by www.taxexcel.net

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