Insurance premium paid to ensure family member’s life – Section 80C
Insurance premium paid by an individual to ensure the life of family members can be claimed as tax deduction under section 80C of IT act. Family members mean
Recent posts on deductions
Know different tax deductions and its applicability. Section 80C to 80U provides various deduction from a taxpayer’s taxable income. Any one fulfilling these conditions can take benefits under IT Act, 1961.
Section 80G – Tax deductions for Donations to specific fund
Any person can claim income tax deduction under section 80G for the amount donated to funds or charitable institutions as specified under this section (i.e. section 80G of
Income Tax on Medical Expenses – For Salary Individuals
You can claim income tax relief for your medical expense under different sections of income tax act 1961. If you have been reimbursed by your employer for the
Income Tax Effects of Giving Money to Spouse
I am a salaried person and filling my income tax return regularly. Every month I am paying Rs.30, 000 to my wife for our household expenses. She has
FAQ on Income Tax Benefit of Housing Loan
Construction of my self occupied house has been completed during the financial year. To construct this house I have taken a loan from bank for which I am
How to claim income tax benefits for Your Housing Loan – Section 80C and section 24 of Income Tax Act, 1961
You have two components in a housing loan. One is the interest portion that you paid for your housing loan and the other one is periodical principal amount
Tax Deduction on Tuition fees can be claimed for the 3rd and 4th child
Income tax deduction on Tuition fees can be claimed under section 80C of IT act. It can be claimed for any two children of the individual for a
Income Tax Deduction applicable to a Salary Individual
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
Specified Diseases and Ailments for the purpose of Deduction U/S 80DDB – Rule 11DD
Sub-Rule 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
FAQ on Income Tax Deduction under Section 80C of IT Act, 1961
The maximum amount you can claim as deduction under section 80C of IT act is Rs. 1, 00,000. If you have invested anything less than the limit then