It gives us immense pleasure to announce our next Greytribe live session, being conducted on February 24th, Friday from 3:30 PM to 4:00 PM.
This time, there will be an exclusive 30 minutes of LIVE discussion thread with the Expert CA Ruchika Bhagat, Managing Director, Brooks Consulting Pvt Ltd on the topic ‘Income Tax Deduction Under Section 80.’
Requesting members to post their doubts/queries related to Section 80 on this post and get them answered by the Industry Expert on February 24th, 2023.
We thank each one of you for the continuous support and enthusiasm that you bring to the LIVE community session. Your support motivates us and we strive harder every time to come up with new, exciting, and informative sessions. Much appreciated.
Join the Greytribe live session on ‘Income Tax Deduction under Section 80’ and get all your queries answered by expert CA Ruchika Bhagat, Managing Director, Brooks Consulting Pvt Ltd from 3:30 pm to 4:00 pm on Friday, February 24th.
Join today’s greytribe live to get more clarity on Income tax deductions and get your queries answered by CA Ruchika Bhagat. Don’t miss to join us at 3.30 PM today.
Let’s welcome today’s expert for the session, CA Ruchika Bhagat, Managing Director, Brooks Consulting Pvt Ltd.
CA Ruchika Bhagat is the Managing Director of Brooks Consulting Pvt Ltd, a Payroll and HR Consultant firm. She graduated from the University of Delhi in 1996. She became a member of the Institute of Chartered Accountants of India (ICAI) in 1998. She is a strategic adviser in setting up businesses in India for foreign companies and taking care of its compliance. She specializes in Business Advisory, Tax, Regulatory and Risk Advisory. She is a business professional with more than 24 years of experience helping other businesses grow and be more profitable. She has a strong and genuine passion for business growth and sustainability and has a vast knowledge of working with Indian companies as well as many foreign companies (from the UK, USA, Italy, China, Korea, USA, UK, Japan, Israel, etc.).
We are thankful to her for joining our session today as the expert to share her views, expertise, thoughts, and knowledge.
Once again, a very warm welcome to you Ms. Ruchika.
We also open the session for questions after this post.
This is the most popular tax-saving section that the individual can claim. The maximum deduction you can claim in one financial year is Rs 1.5 lakh. This section essentially encourages you to invest your money. Investing in this section gives a win-win situation where one can not only save taxes but also earn high returns from the money invested. Option where we can invest under section 80C.
EPF (Employee’s Provident Fund}
ELSS (Equity Linked Saving Schemes)
PPF
Other options under this section include NPS (National Pension Scheme), repayment of the principal of a home loan, children’s school fees, FDs (Fixed Deposits), ULIP (Unit Linked Insurance Plan), SSY (Sukanya Samrudhi Yojana), etc.
You can start with making specific investments under the section such as LIC, PPF, FDs etc and obtain a proof of the same. Further, you will be eligible to claim the deduction at the time of filing of Income Tax Return.
Just make the investments in the specified funds. No need to produce the investment proof at the time of filing of ITR, but the same is required whenever required called upon by the IT officer.
Is the deduction under Sec 80C available for both Old regime and New regime for the current financial year?
And for next financial year is it applicable for both the regime?
