Income Tax : A medical insurance policy for a family wards off unexpected expenses in an individual's health and provides great tax benefits. T...
Income Tax : Anticipated income tax changes in Budget 2025 include simplified laws, revised slabs, TDS reforms, and equitable taxation for indi...
Income Tax : Learn how Section 80D offers additional deductions on health insurance premiums for individuals and HUFs. Maximize tax savings und...
Income Tax : Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interes...
Income Tax : Discover expert tips and strategies on how to save tax in India through various exemptions and deductions under the Income Tax Act...
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 : 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...
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 provisions relating to cash transactions are broadly summarized […]
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 Before going to any Specific Deductions, […]
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 available to senior […]
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 take place by modes […]
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. […]
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 […]
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?
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 […]
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 of […]
Where individual pays any amount for medical treatment of disease for himself or his dependant being spouse, children, parents, brothers and sisters, than deduction up to Rs. 40,000/- from total income is allowed while calculating taxable income.
