Income Tax : Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interes...
Income Tax : Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ's, case laws, and exemptions. Learn how it appli...
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 : Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [S...
Income Tax : Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the cu...
Income Tax : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : Notification No. 78/2015 - Income Tax The prescription in respect of the diseases or ailments specified in sub-rule (1) shall be ...
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.
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.
The increased incidence of lifestyle-related diseases and the spiraling costs of health care has made it necessary for people to get health insurance coverage. You can get yourself and your family, which includes your spouse, children, parents, and other dependents, covered under health insurance. If you or members of your family are affected by a […]
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.
Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.
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.
Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of specified diseases in respect of very senior citizen upto Rs 80,000/-
ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of benefits to the middle class. In this process the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduction for expenditure incurred on treatment of specified ailments.
Notification No. 78/2015 – Income Tax The prescription in respect of the diseases or ailments specified in sub-rule (1) shall be issued by the following specialists:- (a) for diseases or ailments mentioned in clause (i) of sub-rule (1) – a Neurologist having a Doctorate of Medicine (D.M.) degree in Neurology or any equivalent degree, which is recognised by the Medical Council of India;
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.
