Section 80D

When to Say No to Cash Transaction under Income Tax Act, 1961

Income Tax - A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

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Allowable Deductions from Income while Filing Return of Income

Income Tax - Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

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Special tax benefits for senior citizen under Income Tax Act 1961

Income Tax - Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits availa...

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Cash restrictions under income tax act (with illustrations)

Income Tax - Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...

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Deduction in respect of health insurance premia under Section 80D of Income Tax Act, 1961

Income Tax - Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse....

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Section 80D Mediclaim- Allow Pro-rata deduction of single premium paid

Income Tax - Pro-rata deduction of single premium paid in year one should be allowed over the term of the policy. E.g. if the premium paid is Rs.42,000/- for a 3-year policy, Rs.14,000/- should be allowed each year starting from the year in which the payment has been made...

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Aviva Life Insurance launches online health plan – Aviva Health Secure

Income Tax - Aviva Life Insurance today announced the launch of its online health plan – Aviva Health Secure. The plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy thereby ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatme...

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Budget 2010-11: Deduction in respect of contribution to the Central Government Health Scheme

Income Tax - It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section....

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Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

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Section 80D: CBDT notifies Ex-Servicemen Contributory Health Scheme

Notification No. 55/2018-Income Tax [S.O. 4982(E)] - (26/09/2018) - Central Government hereby notifies the Ex-Servicemen Contributory Health Scheme of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purposes of section 80D(2)(a)....

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S. 80D CBDT notifies Contributory Health Service Scheme of Department of Atomic Energy

Notification No. 09/2018-Income Tax [S.O. 697(E)] - (16/02/2018) - Central Government hereby notifies the Contributory Health Service Scheme of the Department of Atomic Energy for the purposes of section 80D(2)(a) for the assessment year 2018-2019 and subsequent years....

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S. 80D Contributory Health Service Scheme of Department of Space notified

Notification No. 6/2014-Income Tax - (15/01/2014) - Notification No. 6/2014-Income Tax In exercise of thy powers conferred by clause (a) of sub-section (2) of section 80D of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Contributory Health Service Scheme of the Department of Space for the purposes of the said claus...

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Recent Posts in "Section 80D"

When to Say No to Cash Transaction under Income Tax Act, 1961

01/01/1970

A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

Read More
Posted Under: Income Tax | ,

Allowable Deductions from Income while Filing Return of Income

01/01/1970

Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions ...

Read More
Posted Under: Income Tax |

Special tax benefits for senior citizen under Income Tax Act 1961

01/01/1970

Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits availa...

Read More
Posted Under: Income Tax |

Cash restrictions under income tax act (with illustrations)

01/01/1970

Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...

Read More
Posted Under: Income Tax |

Deduction in respect of health insurance premia under Section 80D of Income Tax Act, 1961

01/01/1970

Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse....

Read More
Posted Under: Income Tax |

Section 80D Deduction in respect of health insurance premia

01/01/1970

Deduction in respect of health insurance premia under Section 80D Analysis of Section 80D In case of an Individual (a) Deduction in respect of insurance premium paid for family: A deduction to the extent of ₹ 25,000 is allowed in respect of the following payments- (1) premium paid to effect or keep in force an insurance on […]...

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Posted Under: Income Tax |

Benefits For Senior Citizens Under Income Tax Act 1961

01/01/1970

In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

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Posted Under: Income Tax |

Be Careful…while making transactions in cash!!

01/01/1970

Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Election Commission has laid many restrictions on cash transaction. But what are the provisions of cash transactions under Income Tax Act?...

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Posted Under: Income Tax | ,

Income Tax Saving Investments For Salaried Individuals

01/01/1970

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...

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Posted Under: Income Tax |

Section 80D Deduction – Medical Insurance Premium

01/01/1970

In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent o...

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Posted Under: Income Tax |

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