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Direct tax code
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TOPIC: Direct tax code

Direct tax code 4 years, 12 months ago #764

As a salaried person, how will direct tax code affect me in terms of tax saving and salary.

Re: Direct tax code 4 years, 12 months ago #766

under direct tax code, principal on the home loan will not be tax deductible while interest payment upto 1.5 lac will be tax deductible. Currently principal payments upto 1 lac is tax deductible under 80C

Re: Direct tax code 4 years, 12 months ago #770

In DTC, ELSS will not be not included as tax saving instrument.

Re: Direct tax code 4 years, 12 months ago #772

deductions for life and health insurance premium, unlike in the current scenario, will be clubbed together.

Re: Direct tax code 4 years, 11 months ago #780

Under DTC, tax exemption for leave travel allowance will be abolished. So, anyone who intends to take LTA, is advised to claim the tax exemption this financial year only..

Re: Direct tax code 4 years, 11 months ago #817

  • mansin
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The following investments will not be eligible for tax saving - ELSS, national savings certificate, five-year bank fixed deposits, Senior Citizens' Savings Scheme, post-office time-deposits, principal component of home loan repayment, contribution to long-term infrastructure bonds...
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