SECURE IT

What is Section 80 of Income Tax Act, 1961? The Income Tax Act, 1961 provides deduction to the taxpayer for payment towards investments like, Life Insurance Premium, ELSS, PF Contribution, Medical Expenditure, Medical Insurance Premium, etc. This helps taxpayers to reduce their tax for any payment towards the listed investments under section 80. Important deductions for a salaried individual under Section 80 Section 80C: Deduction on Investments Section 80C of Income Tax Act, 1961, enables taxpayers to claim deduction maximum up to an amount of Rs.1,50,000.00 (Rupees one lac fifty thousand) for any payment made towards: 1. Life Insurance Premium. 2. PF Contribution. 3. Children Tuition Fee. 4. National Saving Scheme 5. Repayment of Housing Loan (Principal Amount) 6. Investment in ELSS ( Equity Linked Savings Scheme)

What is TDS? TDS  (Tax Deducted at Source) is at source deduction of by the responsible person for deducting the same for the following payments : ·       Payment of Salary. ·       Income by way of “Income on Securities”. ·       Income by way of winning lottery, puzzles and others. ·       Income from winning horse races. ·       Insurance Commission. ·       Payment in respect of National Saving Scheme and many others. Know about TDS Rates? Who deposit TDS to the government? The deductor deposits this TDS amount to the Income Tax department. Through TDS, some portion of tax is automatically paid to the Income Tax department. Thus, TDS is considered as a method of reducing tax evasion. Tax is deducted usually over a range of 1% to 30% and it should be deposited into credit of Income Tax Department, Government of India on or before due date. To know more about TDS payment due dates read my article  Pay TDS (Tax Deducted at Source) on time and avoid penalt

What is Income Tax Deducted at Source (TDS)? Tax Deducted at Source (TDS) is a process of deducting tax in advance, from the bill of salary, commission, professional fee, interest, rent etc. The person responsible for making such payments, deduct a certain percentage of tax before making the payment in full to the receiver of the payment.  When to deduct TDS? TDS is to be deducted when payment is getting due or the actual payment is done, whichever is earlier. To know the rates at which tax is deducted read my article  Know about the tax you pay (TDS Rates) When and how to deposit TDS? The person responsible for deducting TDS, is liable to deposit the deducted tax to the credit of the Income Tax Department on or before the 7th day of next month. Income Tax Department accepts these payments through Challan 281 or online. Dues dates of payment of TDS are as below, failing which the deductor is liable to pay interest on late payment. Tax  Deduction M