Deductions for individuals
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It provides details on tax deductions available for individuals for investments/payments made towards life insurance, provident funds, pension schemes, tuition fees, senior citizen savings schemes, Sukanya Samridhi accounts and medical insurance/expenditure. The maximum deduction allowed under section 80C is Rs. 1,50,000. Eligible investments/payments, applicable conditions and limits are specified for each deduction.
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Key Features of PPS Insurance 2014 V2
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SmartKid_RP_Brochure investment planning
This document summarizes an ICICI Pru life insurance plan called ICICI Pru Smart Kid Regular Premium that provides guaranteed educational benefits for a child. The plan offers a lump sum payment of the sum assured plus future premium payments if the parent dies. It also provides development allowances annually for the child and covers accident and disability risks. The plan guarantees educational payouts for the child at key milestones like college or provides benefits in the last 5 years of the policy. It requires regular premium payments but provides tax benefits under Indian law.
Salary sheet preperation excel
This document provides an overview of the Employees' Provident Fund and Miscellaneous Provisions Act 1952 (EPF Act) and the Employees' State Insurance Act 1948 (ESI Act). It discusses the key aspects of both acts including applicability, schemes covered, contributions, benefits provided, and obligations of employers. The EPF Act covers provident fund, pension fund and insurance benefits for employees in factories and establishments with 20 or more workers. The ESI Act provides sickness, maternity, disability and death benefits to employees in registered factories and establishments.
VET FEE-HELP
VET FEE-HELP is a Commonwealth Government loan program that assists eligible students pay for higher-level VET qualifications like diplomas and advanced diplomas. Students can use the loan to pay all, some, or none of their tuition fees. To qualify, students must be an Australian citizen or permanent resident, not have exceeded the lifetime loan limit of $97,728, and have a valid tax file number. There is a 20% loan fee applied on top of tuition fees. Repayments are made through taxes once income reaches $53,345 and are calculated at a rate between 4-8% of income. Census dates are important deadlines to withdraw without incurring debt.
VET FEE-HELP Presentation
VET FEE-HELP is a Commonwealth Government loan program that assists eligible students pay for higher-level VET qualifications like diplomas and advanced diplomas. Students can use the loan to pay all, some, or none of their tuition fees. To qualify, students must be an Australian citizen or permanent resident, not have exceeded the lifetime loan limit of $97,728, and have a valid tax file number. Loans are repaid through the tax system once a student's income reaches $53,345 per year. Census dates determine the last day students can withdraw without incurring a loan debt.
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This document provides information about a health insurance plan being offered to IEEE members by Medimanage and Bajaj Allianz General Insurance.
The key details include Medimanage's role in administering the plan, available coverage options and premium amounts, enrollment process, benefits included, exclusions and limits.
Some highlights are a choice of sum insured from Rs. 2-10 lakhs, coverage for pre-existing conditions, maternity benefits, cashless claims processing, and portability for existing members to enroll within 60 days to avoid waiting periods.
2015 Key Features of PPS Insurance
This document summarizes the key features of PPS Insurance, a mutual insurance company owned by its members. It offers exclusive insurance products to graduate professionals in South Africa. Key benefits include:
1) Members share in company profits through a PPS Profit-Share Account.
2) Coverage for sickness, disability, life, and health needs through various income replacement and lump sum benefits.
3) Benefits are paid regardless of claims history and health status does not impact profit sharing.
Saving for college_2021
Assets in a custodial account belong to the minor. Any income
earned in a custodial account is taxed to the minor. A
custodian, usually an adult relative, controls the assets until
the minor reaches the age set by state law (21 in most states).
Assets in a custodial account can be used to pay for education
expenses for the minor.
Senior Citizen Day can be an Empowering one if finances are managed Well!
Senior Citizen Day can be an Empowering one if finances are managed Well!Aditya Birla Capital - Aditya Birla Sun Life Mutual Fund
This document discusses various financial options and benefits available for senior citizens in India. It outlines investment avenues like the Senior Citizen Savings Scheme (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), bank fixed deposits, debt and hybrid mutual funds that provide returns and regular income. Reverse mortgage is also described as an option to receive regular payouts without losing ownership of one's home. General benefits for senior citizens include tax exemptions, discounts on travel and utilities. The document encourages celebrating Senior Citizen Day and managing finances well for a joyful retirement.Lic policies for handicaped children
This document provides information on LIC policies for parents with handicapped children. It summarizes two LIC policies - Jeevan Adhar and Jeevan Vishwas.
Jeevan Adhar provides life insurance cover for the purchaser (parent) throughout their lifetime. Benefits are meant for the handicapped dependent and include a lump sum payment and annuity. Jeevan Vishwas is an endowment plan where sums assured plus bonuses are used to provide the dependent an annuity or lump sum upon the policyholder's death or maturity. Both policies require dependents to meet section 80DDA conditions and provide tax benefits to parents.
Employee provident fund
The document discusses the Employees' Provident Fund (EPF) scheme in India. The EPF is a mandatory savings scheme where both employers and employees contribute 12% of wages each month up to a maximum wage ceiling of Rs. 15,000. The purpose is to help employees save for retirement or periods of unemployment. There are different types of provident funds like statutory, public, and recognized funds which have different tax treatment on contributions and withdrawals. Employees can make partial withdrawals from their EPF for approved purposes like marriage, education, home construction, medical needs, and repayment of loans. The key benefit is that it provides long-term financial security and tax-free savings for retirement or unforeseen circumstances.
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Deductions for individuals
- 1. Deductions for Individuals Sections covered 80C, 80 CCC, 80 CCD, 80 CCG 80U, 80D, 80DDB 80D 80G, 80GGA, 80 GGB, 80 GGC, 80 GG 80E, 80EE 80JJA
- 2. Section 80C • Deduction for : Individuals( whether in job or business) Or HUF( in certain cases only) Not for companies & Partnership Firms • Maximum Deduction: Rs 1,50,000 for Section 80C
- 3. Section 80C • Assessee makes certain investments on which the deductions are available in this section. • Investments covered: • LIC • Employee contribution to RPF/SPF/Superannuation Fund • NSC • PPF • ULIP • FD, Deposits > 5 years • Senior Citizen Scheme • Mutual Funds • Notified Pension Scheme • Non commutable deferred annuity plan • Sukanya Samridhi Account scheme • Expenses covered: • Stamp duty on purchase of property • Repayment on housing loan( principal amount only) • Tuition fees paid for children • Amount deducted for deferred annuity
- 4. Deduction under 80C for individuals • Life Insurance scheme- only insurance premium of self , spouse and children covered(not parents) • Employee contribution to recognised provident fund, statutory provident fund and approved superannuation fund( only employee contribution covered and not the employers contribution) • Contribution to mutual fund, equity linked saving scheme • Contribution to notified pension scheme of UTI • Non commutable deferred annuity plan for self spouse and children • Tuition fees paid for children • Following conditions must be satisfied: It should be full time education It should be paid to University , college , schools situated within India It should be for 2 children maximum Note Development fees not covered only tuition fees covered Education for children only not for self and spouse Even play school tuition fees covered Deferred annuity: Amount deducted for deferred annuity is only 1/5 th of salary
- 5. • Sukanya Samridhi Account scheme • Deductions is allowed with respect to sums paid or deposited in the previous year as a subscription to any such security of central government or any deposit scheme notified by the government. • Eligible amount of deduction • The individual himself or herself • The girl child of the individual • Any girl child for whom the individual is a legal guardian Interest on deposit is exempt from tax( section 10(11A))
- 6. Features of Sukanya Samridhi Account Scheme