What is the last date for investment for FY 2021-22?
File your ITR today! Due date for filing Income Tax Return for AY 2021-22 is 31st December, 2021. Failing to file an ITR can attract a penalty of up to Rs 5,000.
What is the last date for 80C investment for FY 2021-22?
March 31, 2022
Many taxpayers exhaust the limit of Rs 1.5 lakh under Section 80C and yet want to bring save more tax. The last date to save tax for the financial year 2021-22 is March 31, 2022.
What is the last date of investment for FY 2020 21?
ITR Filing 2020-21: The last day for filing your income tax return (ITR) for the financial year 2020-21 (FY21) is on December 31. Generally, the deadline for filing of ITRs is on July 31 each year however this year, the last date has been extended twice due to a number of technical issues on the new ITR portal.
Is 80C deduction available in new tax regime?
Remember, under the new tax regime, taxpayers can avail the lower tax rates but are not allowed to avail most of the income tax exemptions and deductions such as section 80C or Section 80 D tax benefits. This means, the contributions made by an employee does not qualify for tax benefit under this section.
Is 80C allowed in new tax regime?
The Government of India introduced a new optional tax rate regime starting from April 1, 2020 (FY 2020-21), for the hindu undivided family (HUF)….Taxpayer 1.
|Old Tax Regime (in INR)||New Tax Regime (in INR)|
|Less: Deduction under Section 80C for PF||150,000||Not applicable|
|Net taxable Income||16,30,000||20,00,000|
What investment comes under 80C?
Tax saving options under Section 80C
- Equity Linked Saving Scheme (ELSS)
- National Pension Scheme (NPS)
- Unit Linked Insurance Plan (ULIP)
- Public Provident Fund (PPF)
- Sukanya Samriddhi Yojana (SSY)
- National Savings Certificate (NSC)
- Fixed Deposit (FD)
- Employee Provident Fund (EPF)
Is PF included in 80C?
An employee’s contribution to the Employee Provident Fund (EPF) account also earns a tax break under Section 80C of up to Rs 1.5 lakh. This amounts to 12% of salary that is deducted by an employer and deposited in the EPF or other recognised provident funds.
Is investment in 80C date extended?
If you still have not completed your tax-saving exercise for the financial year 2020-21, then you should hurry up as today, March 31, 2021 is the last date to do it. If you make a tax-saving of Rs 1.5 lakh under section 80C, then your tax liability will be Rs1,06, 600 (inclusive of cess at 4%).
Is tax-saving date extended?
Due to COVID-19, the government extended the benefit of claiming tax deduction/exemptions expiring on 31 March 2020 until 31 July 2020 (further extended to 31 July 2020). However, the aggregate deduction cannot exceed the yearly limit applicable to the FY 2019-20.
Which is the best tax saving investment under Section 80C?
Tax Saving Investments. 1 Best Tax-Saving Investments Under Section 80C. Although there are various tax-saving investment plans available in the market. People often get 2 ELSS (Equity-Linked Saving Scheme) Mutual Fund. 3 National Pension Scheme (NPS) 4 Unit Linked Insurance Plan (ULIP) 5 Public Provident Fund (PPF)
What are the different types of saving instruments available under Section 80C?
There are multiple saving instruments available in the market which can be claimed for tax saving purpose under section 80C including PPF, ELSS, ULIP, NPS etc. However, such saving investment schemes vary from each other in terms of risk and reward, tax treatment, cost, ease of investment and transparency.
What is the maximum deduction under Section 80C of the income tax?
You can claim a tax deduction of up to Rs.1 Lakh 50 Thousand towards the premiums that you have paid as per the Section 80C of the IT Act, 1961. Q7: What investments come under Section 80C of the Income Tax Act? Q8: What is the maximum limit of investment under Section 80C?
Should you invest in ELSS funds under Section 80C?
ELSS has emerged as one of the most popular avenues of investment for tax purposes under section 80C due to the impressive returns. So a tax rebate in addition to good returns seems a good deal to investors. ElSS funds invest at least 80% of the corpus in equity which means the returns are not assured…