2 Section 80DD

Section 80DD articles

Section 80DD: Tax relief to parent or guardian of disabled

Condition of releasing of annuity to a disabled person The existing provision of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, in respect of (a) expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or ...

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Posted Under: Income Tax |

Allowable Deductions from Income while Filing Return of Income

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 ...

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Posted Under: Income Tax |

Deduction under section 80DD, 80DDB, 80U

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe...

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Posted Under: Income Tax |

An overview on different types of Income Tax Deductions in India

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisio...

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Posted Under: Income Tax |

Disability based deductions under Section 80DD & Section 80U

Article explains Deduction under Section 80DD: Expenses for Dependent Relative or Provision for the Same (Depends On Expenses Incurred / Contribution Made) and under Section 80U: For Disability of the Assessee Herself or Himself (Does Not Depend On Expenses Incurred/ Contribution Made). 1. Section 80DD: Expenses for Dependent Relative or ...

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Posted Under: Income Tax |

TDS on Salaries – Procedure to deduct TDS – Compliances

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...

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Posted Under: Income Tax | ,

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

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Posted Under: Income Tax |

How does your health care expenses become eligible for tax deductions?

Section 80D intricately defines the eligibility criteria for the health care expenses that are considered under the purview of the Income Tax Act. Since health care costs may differ from person to person, section 80D has different tax deductions on the basis of different health care costs....

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Posted Under: Income Tax |

Save more with Health Insurance

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 an...

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Posted Under: Income Tax |

Tax Benefits From LIC Life Insurance Plans (F.Y. 2019-20)

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)....

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Posted Under: Income Tax |

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