Income Tax : The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life i...
Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
Finance : Rising medical costs and low coverage make health insurance critical. Learn how modern plans protect your finances while offering ...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanc...
Corporate Law : The government has no plans to revise the ₹5,000 tax limit for preventive health check-ups. AI-based health initiatives focus on...
Goods and Services Tax : The government awaits GST Council recommendations on Jeevan Rakshak life insurance GST reduction. No proposal exists for additiona...
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 R...
Income Tax : Aviva Life Insurance today announced the launch of its online health plan – Aviva Health Secure. The plan provides the policyhol...
Income Tax : It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution unde...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal upheld disallowance of deduction under Section 80GGC after finding the political donation lacked genuineness. The rul...
Income Tax : Section 54/54F deduction allowed by ITAT Bangalore despite incomplete documents, as substantive investment in house construction w...
Income Tax : The Tribunal held that exclusion of time for transfer of seized material applies only within the running limitation period. As the...
Income Tax : ITAT clarified that a statement recorded during search does not automatically become incriminating material. Without supporting do...
Income Tax : 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...
Income Tax : Central Government hereby notifies the Ex-Servicemen Contributory Health Scheme of the Department of Ex-Servicemen Welfare, Minist...
Income Tax : Central Government hereby notifies the Contributory Health Service Scheme of the Department of Atomic Energy for the purposes of s...
Income Tax : Notification No. 6/2014-Income Tax In exercise of thy powers conferred by clause (a) of sub-section (2) of section 80D of the Inco...
In this article we have listed four tips to save Tax Through Your Parents which includes 1. By Investment & Share Trading in your parents name 2. By Paying Rent to Parents to claim HRA or Section 80GG deduction 3. By shifting losses on Shares by off market Transactions 4. By doing share trade in Parents Name.
CA Abhianchal Dua Deduction is available up to Rs. 25,000 to a tax payer of premium paid for Medical insurance of self, spouse and dependent children. If individual or spouse is 60 years old or more the deduction available is Rs 30,000 (this amount has been increased to Rs 50,000 w.e.f A.Y 2019-20). An additional […]
Deduction in respect of for health insurance premia paid, etc. Under Section 80D of the Income Tax Act, 1961 – Aggregate allowable is Rs. 15,000/{For Senior Citizens it is Rs. 20000/-}.
Section 80 C provides for deduction of upto Rs. 1.50 lakhs in respect of life insurance premium along with various other items. For Life insurance premium the deduction can be claimed even where the payments are made for your children.
Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens.
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.
The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]
Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018
As a taxpayer we need to be aware of the tax proposals of this year’s Union Budget as they are going to impact our earnings as well as the day-to-day lives from the upcoming financial year (2018-2019). Here we are taking a look at 10 such tax rules which will change from 1st April 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.
