Is Section 80CCG still valid?
Note : Deduction under section 80CCG has been discontinued starting from 1st April 2017. The Rajiv Gandhi Equity Savings Scheme was introduced in Budget 2012. This deduction was over and above the 80C deduction available to individuals.13-Jan-2022
Investments Eligible under Section 80CCG Equity shares falling in the list of securities declared as BSE-100 or CNX-100 will be eligible for Section 80CCG deduction. Also, equity shares of public sector enterprises (PSUs) which are categorised as Maharatna, Navratna or Miniratna by the Central Government are eligible.
What is 80CCG of Income Tax Act?
"80CCG. Deduction in respect of investment made under an equity savings scheme.
Deduction under Section 80CCG Individuals with a valid Demat Account who haven't indulged in equity or derivative transactions are entitled to a 50% deduction on their investment, subject to a maximum investment of Rs 50,000. This, in essence means that investments upto Rs 50,000 can get a 50% tax deduction.
How do I claim 80GGC deduction?
Procedure to avail of Deductions under Section 80GGC Donations made to political parties should be made solely through legitimate banking portals such as online internet banking, cheques, debit cards, credit cards, demand drafts etc. in order to claim deductions under this section.
ELSS mutual funds are the only class of mutual funds that are covered under Section 80C of the Income Tax Act, 1961. By investing in an ELSS, you are entitled to claim a tax rebate of up to Rs 1,50,000 a year.29-Jun-2022
How much can I claim under 80GG?
Rs.60,000 per annum
15 Tips to Save Income Tax on Salary
What is 80CCG exemption?
What Is Section 80CCG of the Income Tax Act? Section 80CCG helps equity market investors by offering tax exemptions on investments. Individuals who invest their funds in the equity market with a 3-year lock-in period are eligible for this scheme.
The receipt issued by political party or electoral trust to produce a proof of the amount contributed. It should contain the name, address, Pan Number, registration number of the trust/party, name of the donor, mode of payment and the amount donated in words and numbers.03-Aug-2022
What is difference between 80G and 80GGC?
Key differences between sections 80G, 80GGB, 80GGC Section 80GGB is for claiming tax deductions for donations made to political parties by registered Indian companies. Section 80GGC is for claiming tax deductions for donations made to political parties by other categories of taxpayers such as individuals, HUFs, etc.
100% Deductible without Qualifying Limit National Defence Fund set up by the Central Government. Prime Minister's National Relief Fund. Prime Minister's Armenia Earthquake Relief Fund. Africa (Public Contributions - India) Fund.
Can I withdraw ELSS after 3 years?
In ELSS, every instalment has to complete the 3-year lock-in period. Therefore, if you invest in ELSS via SIP, after 36 months you can only redeem the units allotted in the first SIP instalment. Subsequent ones will become available for redemption as and when they complete the three year tenure.
Tax deductions under Section 80C can be only claimed during a financial year, i.e. if an individual invests in an ELSS Fund in July 2015, deductions can be claimed for the financial year 2015-16.
Who is not eligible for 80GG?
Individuals who are either salaried professionals or self-employed can take advantage of this provision. If one has no income to speak of, he/she is disqualified from seeking Section 80GG income tax benefits, even if he/she pays rent.
No, if you are claiming HRA then you cannot claim deduction under section 80GG. The benefit can be availed of one only i.e. either of HRA or Section 80GG.31-Jul-2022
Who is eligible for Section 80GG?
Only individuals and HUF taxpayers are eligible to claim for 80GG deduction. Entities like businesses or other enterprises cannot claim the tax benefits under the section. Salaried employees, as well as self-employed professionals, are eligible for the Section 80GG tax benefits.
The finance minister announced that individuals with an annual income between Rs 5 lakh and Rs 7.5 lakh would pay 10% tax, and those earning Rs 7.5 lakh to Rs 10 lakh 15%. Under the old regime, with deductions, these individuals pay 20% income tax.
What is the tax on 12 lakhs?
New income tax slabs for individuals for FY 2020-21
Income tax slabs for new and old regime
What is difference between 80GGB and 80GGC?
Donations made to electoral trust are also eligible for claiming tax deduction under section 80GGC. Donations made to electoral trust are also eligible for claiming tax deduction under section 80GGB.30-Jan-2020
Is Section 80CCG still valid?