Section 80D – Tax Deduction for health insurance premium and Mediclaim Policies

Both private and public sector insurance companies offer policies known as Health Insurance for the treatment of most of the ailments and hospitalization. It provides security to meet unanticipated medical expenditure in future. Under section 80DD of Income tax act 1961, tax deduction is available on the amount contributed towards medical insurance premium or mediclaim … Continue reading Section 80D – Tax Deduction for health insurance premium and Mediclaim Policies

Section 80DD – Tax deduction for medical treatment of dependent who is a person with disability

In our previous article we have discussed how an individual with disability or severe disability can claim tax deduction up to Rs 75000 or Rs 125000 respectively under section 80U of Income tax act 1961. Today, through this write up we are going to discuss how a person can claim tax deduction under section 80DD … Continue reading Section 80DD – Tax deduction for medical treatment of dependent who is a person with disability

Section 80U – Tax deduction for physical disability of a person

Government of India has introduced section 80U in Income tax Act 1961 to provide tax benefits to those who have physical disability. As per section 80U, an individual being a resident, who at any time during the previous year is certified by the medical authority to be a person with disability there, shall be allowed … Continue reading Section 80U – Tax deduction for physical disability of a person

Tax deduction on interest on deposits in saving account – Section 80TTA

Finance act 2012 has introduced section 80TTA into Income Tax Act 1961 by allowing tax deduction of up to Rs 10000 on interest income from a saving account. Let us know this provision as specified in section 80TTA in detail. With effect from 1st April 2013, tax deduction under section 80TTA is applicable to an … Continue reading Tax deduction on interest on deposits in saving account – Section 80TTA

Tax deduction in respect of contribution to Political parties – Section 80GGB and 80GGC

Donation to any recognized political parties like Congress, BJP, NCP, BJD, RJD, MNS and the Aam Aadmi Party (AAP) is eligible for tax deduction under section 80GGB and 80GGC of Income tax act 1961 if terms and conditions as specified under these sections are satisfied. Section 80GGB is applicable to an Indian Companies and 80GGC … Continue reading Tax deduction in respect of contribution to Political parties – Section 80GGB and 80GGC

Interest to be charged where advance tax not paid or paid less or deferred in payment

As discussed in our previous article, advance tax is required to be paid before due dates in instalments where estimated tax liability during the financial year is 10000 rupees or more. This provision is applicable to all assesses. It’s also applicable to a person who is getting salary if after deducting TDS from his or … Continue reading Interest to be charged where advance tax not paid or paid less or deferred in payment

Due dates for payment of advance tax in India – Applicable to company and non-corporate

Central government has asked companies, firms, individuals and other liable persons to pay tax in advance if certain criteria as specified in IT act are satisfied. Advance tax is also known as pre-paid of taxes or Pay as you earn scheme. This means assesses are required to pay it during the previous year in which … Continue reading Due dates for payment of advance tax in India – Applicable to company and non-corporate

How to get tax deduction for medical treatment – Section 80DDB

Tax deduction for medical treatment is available to a resident individual under section 80DDB of Income Tax Act 1961. Before getting into how to get tax deduction under section 80DDB, let us first discuss its provision and maximum allowed deduction. Maximum limit of tax deduction – Section 80DDB As per the section 80DDB, in case … Continue reading How to get tax deduction for medical treatment – Section 80DDB

Tax Deduction on Education Loan taken for higher studies – Section 80E

An individual who has taken education loan for higher studies from any bank, financial institution or an approved charitable institution can claim deduction under section 80E of Income tax act 1961 if other conditions as mentioned below are satisfied. Approved financial institutions are those which is approved under section 10(23C) or 80G (2) (a). Credila … Continue reading Tax Deduction on Education Loan taken for higher studies – Section 80E