Section 80DDB

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

Time to Revisit Section  80DDB of Income Tax Act – Need to increase limit of expenditure  incurred on treatment of all Diseases The Finance Minister would present Budget 2022 in next 20 days. It is opportune time to highlight that the very purpose of Section 80 DDB of the Income Tax Act has been defeated […]...

Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax department. The information reflected under the Annual Information Statement is categorized under 50 different information categories. One such information category is ‘Receipts from life insurance policy’...

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 ...

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 availa...

Section 80DDB Section 80DDB of the Income Tax Act allows you to save tax by claiming medical expenditures incurred as a deduction from income before levy of tax. You can claim this deduction if these two conditions are satisfied then one can claim a maximum deduction of Rs 50,000 in a financial year for the […]...

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 […]...

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 […]...

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...

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 […]...