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
deductions
Specified Diseases and Ailments for the purpose of Deduction U/S 80DDB – Rule 11DD
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
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
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
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: Tax Deduction for Medical Treatment of Specified Diseases – Eligibility, Limits & Rules
Many taxpayers ask how they can get a tax deduction if they or their dependents are being treated for serious diseases. If you're one of them, here's what you need to know about how to claim deduction under Section 80DDB in income tax return. Section 80DDB is applicable to an individual and HUF with effect from 1st April 2004. Under Section 80DDB, an individual or HUF can … [Read more...] about Section 80DDB: Tax Deduction for Medical Treatment of Specified Diseases – Eligibility, Limits & Rules
Section 80E – Tax deduction on Education loan for higher studies
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
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
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
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