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 : 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...
Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but for certain items, the benefits are available for amounts invested or spent on family members.
Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will be allowed a deduction to the extent of Rs 50,000. However, if the dependent is suffering from severe disability, a deduction of Rs 75,000 will be allowed.
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.
Health insurance cover has become a necessary expense for every individual now. The insurance cover may include self or family including your parents. It is good to be aware on how you can save your tax, with a private health insurance policy. It is not always necessary to show investment to reduce your tax outgo.
Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of health problems in such case we need to live a safe and secure life. This is one of the major reasons for buying Health insurance, but […]
1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assesse
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, and • Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or • Pays any amount to LIC or any […]
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.
The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they plan well.
Raising the limit of deduction under section 80DD for persons with disability and severe disability The existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred— a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, […]
