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...
Income Tax : Excessive tax deductions trigger audits when claims are disproportionate to income, lack documentation, or mismatch AIS data. Taxp...
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 : 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 : ITAT upheld the deletion of a 25% bogus purchase addition, ruling that the AO cannot disallow purchases based merely on suspicio...
Income Tax : In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for n...
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...
Learn about the intricacies of income tax calculations with and without deductions. Explore tax slabs, deductions, and their impact on your tax liabilities.
Understand Section 80D in 2024: Learn about the new tax regime, health insurance deductions, and gain insights into medical billing.
Discover tax-saving opportunities with Section 80D for health insurance premiums and Section 80TTA/80TTB for bank interest. Ensure financial wellness and optimize deductions.
Discover the benefits of Section 80D of the Income Tax Act, providing deductions for health insurance premiums and preventive healthcare expenses. Learn who is eligible, covered expenses, and essential points for claiming deductions. Prioritize your well-being while reducing your tax burden
Health insurance is a key asset to invest in, to safeguard oneself from unexpected and hefty medical bills. However, if we look at the average household in India, a very small percentage of people have medical insurance policies.
Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to special rates.
Discover the legal constraints around cash transactions under India’s Income Tax Act. Learn about the various sections that impose limits and penalties on cash dealings.
In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for not being claimed in ITR.
Section 80D, pertains to deductions available on medical insurance and health-related expenses. This article aims to provide a detailed analysis of Section 80D and its implications for taxpayers.
Discover why cash payments should be avoided for personal and business transactions. Learn about the deductions affected and the potential consequences of using cash. Stay compliant with tax regulations.
