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    The benefit for this scheme is in the nature of a deduction

    September 2nd, 2013  |  Published in Uncategorized

    One way in which the investor can check the exact position with respect to the tax benefit is by looking at the manner in which this is available. The benefit for this scheme is in the nature of a deduction. This means that the amount that will qualify for the benefit would be reduced from the taxable income of the individual. The total taxable income of the individual would be taken into consideration and then the amount of the benefit would be reduced from this so that the net figure is the one on which the tax will be calculated and paid. Take for example a situation where the tax deduction available under this section is Rs 10,000 (50 per cent of the invested amount of Rs 20,000) and the taxable income before this deduction is at Rs 4.2 lakh. In such a situation the individual will have to pay tax on the net amount of Rs 4.1 lakh. The tax benefit is available to an investment upto Rs 50,000 in total. This means that the maximum investment eligible for this purpose would be this figure and the deduction that is available for the investor would be to the tune of 50 per cent of the eligible amount. This has to be a figure under Rs 12 lakh which was Rs 10 lakh earlier so if the income exceeds this figure then even if the investor is a first time investor then the benefits would not be available. The scope of the investment options has also been widened through the addition of equity oriented mutual funds. This is something that has to be taken into consideration so that the actual benefits are properly available.

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