Income Tax : Discover expert tips and strategies on how to save tax in India through various exemptions and deductions under the Income Tax Act...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
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...
Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. If you are under 60 years of age, you may claim up to INR 25,000 tax benefits on health insurance premiums for yourself, your spouse, and dependent children, and an additional tax benefit of INR 25,000 for parents. If either of your parents is a senior citizen, you may claim up to INR 30,000 tax benefit.
Health insurance is viewed as a significant investment and therefore tax deductions are offered u/s 80D of the Income Tax Act, 1961. Under this section, deductions are provided on the policies for self, spouse, dependent children and parents. Section 80D of the Income Tax Act, 1961 allows for deduction of money towards health insurance and assumes great significance in tax planning and personal finance.
This articles explains Income-Tax Rates For Assessment Year 2020-21, some important Income Tax benefits available under various plans of Life Insurance such as deduction under section 80C, Section 80D, section 80DD, etc. also explains Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D).
As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. Since these both the amendments are enforce together in India, there are some confusion which many of the clients and other professional colleagues are carrying after they heard the budget 2018 and the confusion […]
You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA
Many companies as a part of the compensation to employees and its HR policy pay for the health insurance of the employees and it’s family. The premium is paid by the company for the benefit of the employees.However, the HR department needs to understand the tax implication for the premium paid in the hand of the Company/Organisation and the employees.
Deduction under section 80D of the Income Tax Act is available in addition to the deduction of INR 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1). Deduction under section 80D is available basically for two types of payment, namely – 1. Medical insurance premium (including preventive health check-up); and 2. Medical expenditure. […]
Discover how life insurance can provide tax benefits and financial protection for your family. Learn more about the importance of life insurance policies.
We are left with just a few days for first full budget for the Financial Year 2019-20. From average taxpayer to tax experts, all eyes are transfixed on the Union Budget 2019 which will be presented on July 5, 2019 by the Finance Minister, Smt. Nirmala Sitharaman. In recent years, India has witnessed huge surge […]
General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D – Medical Insurance, Section 80DD – Maintenance […]
