Section 80D

Deduction Under Income Tax

Income Tax - SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...

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Income Tax Calculator: How Is Income Tax Calculated?

Income Tax - The income tax calculator considers factors like your income, age, housing loan payments, expenses, and investments to indicate the total tax payable on your income under the new or old Indian tax regime. The online tax calculator is free, easy to use, and generates error-free results quickly....

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How to maximise your tax saving by choosing the right insurance policy for yourself & family?

Income Tax - The point of getting insurance is that it is the highest form of assurance. Insurance is a binding agreement between the insurer and the insured that gives the insured access to the best form of care, depending on the policy purchased....

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Income Tax under the head Salary

Income Tax - CA ARPAN JAIN Understanding your Pay slip Basic Salary Fixed Component of your pay House Rent Allowance Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax payment. This can be partially or completely exempt from taxes. Leave Travel Allowance Salaried employees can avail exemption...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Income Tax - Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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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"

Deduction Under Income Tax

SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...

Read More
Posted Under: Income Tax |

Income Tax Calculator: How Is Income Tax Calculated?

The income tax calculator considers factors like your income, age, housing loan payments, expenses, and investments to indicate the total tax payable on your income under the new or old Indian tax regime. The online tax calculator is free, easy to use, and generates error-free results quickly....

Read More
Posted Under: Income Tax |

How to maximise your tax saving by choosing the right insurance policy for yourself & family?

The point of getting insurance is that it is the highest form of assurance. Insurance is a binding agreement between the insurer and the insured that gives the insured access to the best form of care, depending on the policy purchased....

Read More
Posted Under: Income Tax |

Income Tax under the head Salary

CA ARPAN JAIN Understanding your Pay slip Basic Salary Fixed Component of your pay House Rent Allowance Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or HRA to lower tax payment. This can be partially or completely exempt from taxes. Leave Travel Allowance Salaried employees can avail exemption...

Read More
Posted Under: Income Tax |

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

Read More
Posted Under: Income Tax | ,

Section 80D of Income tax Act, 1961

1. Applicability – Individual and HUF including Non Resident Individuals (“NRI“) 2. Definitions: -Family – means Spouse and Dependent Children -Senior Citizen – means an individual resident in India who is of the age of 60 years or more at any time during the relevant previous year; 3. Investment or Expenditure c...

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Posted Under: Income Tax |

Section 80D deduction – Mediclaim ( Medical Insurance Premium )

Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or dependent parents are allowed for deduction. Deduction under section 80D is allowed onl...

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Posted Under: Income Tax |

Tax planning for Individuals under Income Tax Act

Paying tax is an important responsibility of an individual towards a nation, however, at the same time, with financial planning you can save your taxes while fulfilling your responsibility by using the tax saving schemes given by the government. Tax planning is an integral part of a financial plan that helps in the reduction of […]...

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Posted Under: Income Tax |

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

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

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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Posted Under: Income Tax |

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