1 March 2019 - Wealth18.com

Mar12019 by wealth18.comNo Comments

Section 80EE – Additional deduction for Home loan Interest

Taxation

Section 80EE allows you to claim additional deduction of Rs 50000 per year for interest payable on housing loan. This deduction is available for individuals subject to following conditions: Value of residential house does not exceed Rs. 50 Lakhs Loan sanctioned does not exceed Rs. 35 Lakhs Loan is sanctioned between the FY 1/4/2016 and 31/3/2017 Assessee is a first time home buyer. Assessee does not own any other residential house as on the date of sanction of the loan. This house is supposed to be his self occupied property Loan must be from eligible financial institution - must be either a bank, or a “public company” formed with the main object of providing long term housing finance (registered with NHB). Points to Note New clause The deduction is allowed for up to Rs 5...

Mar12019 by wealth18.comNo Comments

Tax Saving options & deductions under 80D to 80U

Taxation

Hopefully, you are claiming deduction upto Rs 1.50 Lakh under Section 80C by investing in various eligible options. If not, please read the article here about 80C tax deductions. After exhausting the limit of Rs 1.50 Lakhs u/s 80C, you must be thinking - Are there more avenues to save tax? So, here are some options which are allowed as deduction from your income for purpose of tax calculation (other than 80C): Section 80C – Deductions for eligible investments (upto Rs 1.50 lakh) Under this section, you can claim deduction upto Rs 1.5 lakh if you make eligible investments. Read my article on 80C deduction. Section 80D – Deduction for health insurance premium (upto Rs 1 Lakh) You can claim deduction upto Rs 25000 - for any medical insurance premium paid for yourself, spouse, de...

Mar12019 by wealth18.comNo Comments

SBI Savings Plus Account with MOD High Interest Scheme – Details & Review

Banking

In one of my earlier post, I did explain how you can earn upto 9% interest on your Savings account. (Read the post here). Many members asked me about whether such facility available with SBI. So in this post, I am providing details regarding Sweep-in facility in SBI and how can you earn more from your idle Saving Account balance. SBI Savings Plus Account is a Savings Bank Account linked to MODS (Multi Option Deposit Scheme), wherein you can earn high interest from your idle funds in Savings Account. Sweepin Facility - The surplus funds in your savings account (above a threshold limit) is transferred automatically to Fixed Deposits and earns higher interest. When you need the money, the amount will automatically come in Savings Account from FD. Some of the features of this account a...

Mar12019 by wealth18.comNo Comments

Section 80C Tax Saving Options & deductions (FY 2018-2019 / AY 2019-2020)

Featured, Taxation

In the month of March, most tax payers rush to invest their money in tax saving instruments. Though it is better to do the tax planning at the start of year & plan your investments over the whole year. Many salaried taxpayers has to submit the investment proofs etc to their employer in Jan. Section 80C of the Income tax Act 1961 provides list of Investments / expenses which is allowed as Deduction from your taxable Salary. Under 80C, you can claim maximum deduction of Rs 1.50 lakh. List of deductions under Section 80C - Investment Eligible for deduction u/s 80C PF/ EPF (Employee Provident Fund PPF – Public Provident Fund NSC – National Savings Certificate 5 year Tax Saver Bank FD 5 year Post Office Time Deposit Senior Citizen Savings Scheme NHB Suvriddhi Bonds ...