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What is filled in schedule Di?

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What is filled in schedule Di?

Schedule DI enables taxpayers to claim deductions for investments made in the extended period until 30 June 2020. In the case of capital gains exemptions, a taxpayer gets a definite time to make the capital gains investment.

What is the last date for investment for FY 2020-21?

In a major relief to thousands of taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday has extended the income tax return (ITR) filing deadline for the financial year 2020-21 to December 31, 2021 from September 30.

What should be filled in Schedule 80D?

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Deduction Under Section 80D

  • Payment for medical insurance premium (mode other than cash) /contribution to CGHS.
  • Payment of medical insurance premium for resident Sr. Citizen – (mode other than cash)
  • Payment made for preventive health check up.

How does Commission show income in ITR?

Insurance agents earning commission are required to file their returns using ITR – 3. It is essential to note that an entity whose income is by way of commission or brokerage cannot adopt the presumptive taxation scheme of Section 44AD.

What is Schedule DI in ITR Quora?

Schedule DI is the details of investment you have made for claiming deduction (for tax saving). For example Life Insurance Premium (80c), Education Fee of Children (80c), Health Insurance Premium (80d)… there are other many options to made investment for the tax saving…. like NSC, ELSS MUTUAL FUND ETC,…

Which investments are tax exempt?

Listed below are tax free investments that meet a variety of needs and financial goals:

  • Life Insurance. Rs. 1,50,000 (Rs 1.5 lakhs)
  • PPF (Public Provident Fund) Rs. 1,50,000 (Rs 1.5 lakhs)
  • NPS (New Pension Scheme) Rs. 1,50,000 (Rs 1.5 lakhs)
  • Pension. Rs. 1,50,000 (Rs 1.5 lakhs)
  • Life Insurance. Rs. 1,50,000 (Rs 1.5 lakhs)
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What are tax free investments in India?

As per this section, the investments made by the investor are eligible for tax exemption up to a maximum limit of Rs. 1, 50,000. Such investments include ELSS (Equity Linked Saving Scheme), Fixed Deposits, Life Insurance, Public Provident Fund, National Savings Scheme and Bonds.

Is ITR date extended?

The Central Board of Direct Taxation (CBDT) on Thursday extended the Income-Tax Return (ITR) filing deadline FY 2020-21 for individuals till 31 December 2021, mostly for the difficulties faced by taxpayers in the wake of Covid-19 pandemic.

Is it mandatory to file ITR?

An individual is obligated to file an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax. Income under each head of income needs to be computed separately as per the respective provisions of the said income head.

How do I check my dividend income in ITR 1?

Earlier, while filing ITR, dividend income was shown under the head ‘Exempted Income’ but now it would be shown under the head ‘Income from other sources’ as per section 56(2)(i).

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How can I prepare for ITR 1?

An ITR-1 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or client can directly login to income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS.