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deductions

Income Tax Deduction applicable to a Salary Individual

Last updated on June 2, 2014 by Editorial Staff

Income tax deductions are in section 80C to Section 80U of income tax act. Each of these sections provides different tax deductions from your taxable income. But, these tax deductions are not applicable to every one. There are certain tax deductions which are applicable to individuals and certain tax deductions are nor. Below is a list of those tax deductions which are … [Read more...] about Income Tax Deduction applicable to a Salary Individual

Specified Diseases and Ailments for the purpose of Deduction U/S 80DDB – Rule 11DD

Last updated on October 29, 2023 by Editorial Staff

Here is the text of rule 11DD Which mentioned specified diseases and ailments for the purpose of deduction under section 80DDB. (1) For the purposes of section 80DDB, the following shall be the eligible diseases or ailments : (i)Neurological Diseases where the disability level has been certified to be of 40% and above,—(a)Dementia ;(b)Dystonia Musculorum Deformans … [Read more...] about Specified Diseases and Ailments for the purpose of Deduction U/S 80DDB – Rule 11DD

All About Section 80C – Income tax Deduction

Last updated on August 29, 2014 by Editorial Staff

Section 80C has been inserted with effect from assessment year 2006 – 07 onwards to provide income tax deduction in respect of specified qualifying amounts paid and deposited by the tax payer during the financial year (previous year). Who is eligible for Income Deduction under section 80C IT Deduction under section 80C is available to; An individual  or a Hindu … [Read more...] about All About Section 80C – Income tax Deduction

FAQ on Medical Treatment of Handicapped Dependent – Section 80DD of Income Tax Act, 1961

Last updated on May 9, 2014 by Editorial Staff

I am a salaried person living in Bangalore. During the financial year I have incurred medical expenses of Rs. 10,800 for the medical treatment of my only handicapped dependent son (disability of low vision). Is there any income tax benefit available for such expenditure? Medical expenses for handicapped dependent children are allowed as income tax deduction under section … [Read more...] about FAQ on Medical Treatment of Handicapped Dependent – Section 80DD of Income Tax Act, 1961

Section 80DD – Tax Benefits On Medical Treatment of Handicapped Dependent

Last updated on July 4, 2015 by Editorial Staff

Medical expenses incurred by an individual is eligible for various income tax deductions under different sections of Income Tax Act, 1961. One of such section is called section 80DD. Medical expenses for treatment of a dependent who is a person with disability is eligible for income tax deduction under section 80DD if it meets all the conditions as specified in this section … [Read more...] about Section 80DD – Tax Benefits On Medical Treatment of Handicapped Dependent

Section 80DDB – Income Tax benefit for your Medical Treatment

Last updated on October 29, 2023 by CA Bigyan Kumar Mishra

Section 80DDB is applicable to an individual and HUF with effect from 1st April 2004. Under Section 80DDB, an individual or HUF can claim tax deduction up to a maximum amount of Rs 40, 000 for medical treatment expenses paid during the previous year. In the case of senior citizen the tax deduction amount can go up to Rs 1,00, 000. Who is eligible for tax deduction on … [Read more...] about Section 80DDB – Income Tax benefit for your Medical Treatment

Section 80E – Tax deduction on Education loan for higher studies

Last updated on October 28, 2023 by CA Bigyan Kumar Mishra

You as an individual can claim tax deduction under section 80E if your education loan is taken for higher studies of self, spouse, children or a student for whom you are the legal guardian. Remember, loan can be taken for higher studies of; To claim tax deduction under section 80C, education loan must be in the name of the assessee. If its taken for higher studies of … [Read more...] about Section 80E – Tax deduction on Education loan for higher studies

Section 80TTA – Income Tax benefits for Interest on Deposit in Saving Account

Last updated on July 4, 2015 by Editorial Staff

A new section 80TTA has been inserted with effect from assessment year 2013-2014. Section 80TTA provides a deduction of up to Rs 10, 000 in aggregate to an individual or a Hindu undivided family in respect of any income by way of interest received on deposit (not being time deposits) in a savings account of banks, cooperative banks and post office. Tax deduction under … [Read more...] about Section 80TTA – Income Tax benefits for Interest on Deposit in Saving Account

Income tax deduction for disabled individuals – Section 80U

Last updated on November 28, 2023 by CA Bigyan Kumar Mishra

An individual suffering a disability can claim tax deduction under section 80U of the Income tax act, 1961. In this article, we will be discussing what are the tax benefits an individual with disability can claim and what are the conditions such person has to satisfy before claiming tax deduction. Who can take benefit of tax deduction under section 80U? As per the … [Read more...] about Income tax deduction for disabled individuals – Section 80U

Life Insurance Premium – Income Tax Deduction u/s 80C of Income Tax Act

Last updated on May 9, 2014 by Editorial Staff

Many people in India invest in a Life insurance with a view to save tax as the policy holder can claim up a maximum of Rs. 1, 00,000 as tax deduction from his taxable income under section 80C of Income tax act, 1961. Deduction for life insurance is applicable only when the policy holder has paid or deposited the premium during the previous year for which he is claiming the … [Read more...] about Life Insurance Premium – Income Tax Deduction u/s 80C of Income Tax Act

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