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...
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
Section 80D of the Income-tax Act seeks to provide deduction of INR 15,000 to a taxpayer who has incurred expenditure on health insurance of himself, spouse, and dependent children. A further, deduction of INR 15,000 is provided, if the expenditure is incurred on behalf of the parents.
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
Amendment in section 80D relating to deduction in respect of health insurance premia The existing provisions contained in section 80D, inter alia, provide for deduction of a. upto fifteen thousand rupees to an assessee, being an individual in respect of health insurance premia, paid by any mode, other than cash, to effect or to keep […]
Increase in the limit of deduction of Mediclaim- In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.
As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan – to achieve certain life goals and protect capital. Unfortunately, tax planning decisions are taken at the eleventh hour with low planning and thus hamper the process of wealth creation over the long term.
Raise the bar: The slab of tax free income has not moved up in line with the real inflation. The current basic exemption limit of Rs 2,50,000 should be increased to Rs 3,00,000. This will increase the purchasing power of individuals and stimulate demand.
The government provides tax deduction benefit of upto INR 5,000 under Section 80D on account of preventive health check-up for self, spouse, dependent children and parents. However, this deduction benefit is inclusive of the overall deduction under Section 80 D (INR 15,000 per annum) for payment of health insurance premium. If one of your parents is a senior citizen, then the limit is enhanced to INR 20,000 per annum.
Medical insurance plan or a health insurance plan of general insurance company works on the principle of reimbursement of your hospitalization expenses. If you invested in any of such policy then you can claim income tax deduction under section 80D of income tax act, 1961.
