Mutual Fund Investment Deduction In Income Tax That s why you should check Section 80C of the Income Tax Act The law allows you to enjoy substantial tax deductions depending on where you invest One of the best investment options is ELSS mutual funds which offer a tax reduction of up to INR 1 5 lakh under Section 80C
Can mutual fund investments help me get a rebate on income tax Under Section 80C of the Income Tax Act tax benefits are applicable in the case of ELSS or Equity Linked Saving Schemes You can get up to Rs 1 5 lakh in tax deduction and save around Rs 46 800 each year on taxes To file income tax returns for capital gains earned from mutual funds taxpayers must submit ITR 2 Read to know the steps for e filing this return
Mutual Fund Investment Deduction In Income Tax
Mutual Fund Investment Deduction In Income Tax
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Mutual funds are not tax free except for ELSS equity linked savings schemes or tax saving funds and some retirement funds As per the Income Tax Act under Section 80C you can claim a deduction of up to Rs 1 5 lakh for investments made in ELSS and can save taxes up to Rs 46 800 Learn the procedure for declaring mutual fund investments and disclosing capital gains in your Income Tax Return ITR Understand the specific forms and sections related to reporting mutual funds for accurate tax compliance
In general most distributions you receive from a mutual fund must be declared as investment income on your yearly taxes That means you may owe tax on mutual funds you ve invested in even if you haven t sold any of the shares or received any cash from your investments Here s an overview of how and when you pay tax
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Eligible Investments Under Section 80CCG Individuals who invest in these following instruments are deemed eligible for tax deductions under Section 80CCG of Income Tax Act Units of ETFs Equity based mutual fund schemes Shares of Navratna Maharatna or Miniratna Securities of BSE 100 CNX100 These funds help investors Individual and HUF save taxes under Section 80C of the Income Tax Act 1961 Investing in ELSS qualifies for a tax deduction of up to Rs 1 5 lakh Tax saving mutual fund typically invest in the growth oriented equity market
If you have invested in tax saving ELSS schemes you may claim a tax deduction when you declare your investment in your Income Tax Returns ITR Moreover any gains or losses incurred on redeeming an existing mutual fund investment should also be declared in the ITR The Income Tax Act 1961 offers one major deductions on investment in certain kinds of Mutual Funds Equity Linked Savings Scheme Under Section 80C of the Act an amount equal to the investment in Equity Linked Savings Scheme is deductible from the taxable income of an assessee subject to a maximum limit of Rs 1 50 000 such
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That s why you should check Section 80C of the Income Tax Act The law allows you to enjoy substantial tax deductions depending on where you invest One of the best investment options is ELSS mutual funds which offer a tax reduction of up to INR 1 5 lakh under Section 80C
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Can mutual fund investments help me get a rebate on income tax Under Section 80C of the Income Tax Act tax benefits are applicable in the case of ELSS or Equity Linked Saving Schemes You can get up to Rs 1 5 lakh in tax deduction and save around Rs 46 800 each year on taxes
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