Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
Income Tax : Condition of releasing of annuity to a disabled person The existing provision of section 80DD, inter alia, provide for a deduction...
Income Tax : Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. ...
Income Tax : Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. El...
Income Tax : Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India...
Income Tax : Supreme Court denies retrospective application of amended Section 80DD in Ravi Agrawal vs Union of India, upholding the policy ori...
Income Tax : Supreme Court held that amendment to Section 80DD of the Income Tax Act by virtue of the Finance Act, 2022 is effective only from ...
Income Tax : Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases whe...
Income Tax : Ravi Agrawal Vs Union of India (Supreme Court of India) The Legislature has provided the condition that amount/annuity under the p...
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.
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.
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).
Deduction under section 80DD of the Income Tax Act covers the amount paid towards the medical expenditure of a dependant with a specific disability. It also covers the amount of insurance premium paid towards specific insurance plans. The current article provides a complete explanation of all the provisions covered under section 80DD of the Income Tax […]
Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment on annuity or lumpsum basis even during the lifetime of their parents/guardians. For example, where guardian has become very old but is still alive, though he […]
Ravi Agrawal Vs Union of India (Supreme Court of India) The Legislature has provided the condition that amount/annuity under the policy is to be released only after the death of the person assured. This is the legislative mandate. There is no challenge to this provision. The prayer is that Section 80DD of the Act be […]
Tax benefits to individual who are differently able, Parents who have dependents who are differently able including minor and certain benefits to private sector for providing employment opportunities to differently able
Article discusses Benefits under Income Tax and Profession Tax Act Available to Disabled or Handicapped Persons. Income Tax Act Provides Deduction Under Section 80DD, Section 80DDB and Section 80U and also provide indirect tax benefit under section 64 of the Income Tax Act to Disabled / Handicapped Persons.
For most of the people ‘tax savings’ brings to mind life insurance, PPF, NSC, Sukanya Samriddhi Account and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1.50 lakh (One Lakh Up to AY 2014-15) under 80C.
