⬗ Income Tax Act

The Income Tax Act, 1961 is the primary law governing the collection, computation, and administration of income tax in India. The act lays down all the rules and regulations as well as the rights and responsibilities of taxpayers. It also underlines the Income Tax Department's role in the collection of tax and tax returns.

The Income Tax Act, 1961 includes various sections and sub-sections, like Section 80C, Section 80D, Section 80G, Section 10(10D), and several others highlighting the exemptions, deductions, as well as limits to help taxpayers reduce their taxable income and compute their tax liabilities accurately.

⬗ Income Tax Return (ITR)

The ITR is a document that all taxpayers are required to file with the Income Tax Department of India. It consists of details on the income earned during a financial year and the taxes owed to the government. It is mandatory to submit the tax return each year under Section 139 of The Income Tax Act, 1961. Failure to file the return on time can result in a late fees under Section 234F of The Income Tax Act, 1961.

There are two ways to file a tax return in India - offline or online.

⬗ Income Tax Benefits on Life Insurance

Life insurance plans qualify for tax benefits subject to conditions prescribed under Section 80C* of The Income Tax Act, 1961. The premiums paid towards the life insurance plan can be claimed as deductions with a maximum of up to ₹ 1.5 lakh in a financial year. Additionally, the death benefit is exempt from tax subject to the conditions prescribed under Section 10(10D)*.

If the life insurance policy offers a critical illness benefit, taxpayers can also claim a tax deduction under Section 80D* of The Income Tax Act, 1961. The maximum limit is up to ₹ 1 lakh under this section, depending on the age of the insured and the number of policies taken for self, spouse, dependent children, or parents.

⬗ WHAT WILL BE THE TIMINGS OF THE TRAINING?

As this is a purely online Classes, offline Classes, Weekends Classes, and Weekdays Classes training program, you can choose to learn at any time of the day and for as much time as you want.

⬗ WHEN CAN I START THE TRAINING?

You can choose your preferred batch date while signing up for the training program and start accordingly.

⬗ CERTIFICATE WILL BE PROVIDED?

Yes, Certificate will be provided.