Archive | Section 80 Deductions

NPS subscribers have to self-certify a FATCA declaration – Now online

[update – 25 May 2017] NSDL is now allowing NPS subscribers to update their FATCA self-certification online. You can do this by logging into your NPS account on https://cra-nsdl.com/CRA/ and clicking on ‘FATCA Self-certification’ under the main menu of ‘Transaction’. The FATCA submission will be authenticated via an OTP that you will receive on your registered […]

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How to claim HRA exemption for rent to parents without inviting department’s wrath

It is common for taxpayers to claim HRA exemption by paying rent to parents. But a lot of us do not know the right way to do this. Let’s understand in detail. You may have heard about a recent case law of how the income tax department refused to allow HRA exemption for rent paid by a […]

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Features of 8% assured return scheme for Senior Citizens

To protect our senior citizens from falling interest rates, the government has launched Varishtha Pension Bima Yojana 2017. This is a pension scheme that guarantees 8% return for 10 years. The launch date has not been notified yet. Government has launched this scheme earlier as well. A similar program by the same name ‘Varishtha Pension […]

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Life Insurance Premium- Tax benefit on proceeds received on Maturity

Besides the benefit of securing one’s life by taking a life insurance policy, there are tax benefits & income tax exemption on the maturity amount received from the policy provided the premium paid to actual capital sum assured does not exceed the prescribed thresholds provided by Income Tax Act. Life insurance proceeds received on maturity […]

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