Tax deductions on contribution to employee provident fund – EPF

Employee contribution to EPF account for the previous year can be claimed as tax deduction under section 80C up to the maximum limit of Rs 1,50,000. Please note, employer’s contribution and interest credited to the EPF (i.e interest on both employee and employer contribution) is not allowed as tax deduction under section 80C. For instance, … Read More » "Tax deductions on contribution to employee provident fund – EPF"

Tax benefit of health insurance and medical check-up

Health Insurance is taken out to cover the cost of medical care in case of hospitalization. Tax benefit for payment of health insurance premium can be claimed while filing income tax return. In this article we will be discussing, provisions of section 80D to know how much tax deduction is allowed for health insurance premium … Read More » "Tax benefit of health insurance and medical check-up"

How to claim Tax deduction on Life Insurance Premium

Tax deduction can be claimed on life insurance premium paid by an individual or HUF under section 80C of Income tax act 1961. As per section 80C, amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from taxpayer’s gross total income before … Read More » "How to claim Tax deduction on Life Insurance Premium"

Tax deduction to senior citizens on interest from deposits – Section 80TTB

In finance budget 2018, government has introduced a new section 80TTB to provide tax benefits to senior citizens getting interest income from bank, co-operative society engaged in banking business or post office deposits. This means Section 80TTB will be applicable with effect from financial year 2018-19 (AY 2019-20). Who is eligible A senior citizen can … Read More » "Tax deduction to senior citizens on interest from deposits – Section 80TTB"

Tax deduction for interest on saving account – Section 80TTA

Interest on saving account deposits are considered as income under the head “Income from other sources” and therefore taxable. While filing tax return, assessee is required to declare bank interest in addition to all other incomes to find out total tax liability. However, tax deduction under section 80TTA can be claimed for interest on saving … Read More » "Tax deduction for interest on saving account – Section 80TTA"

How to claim tax deduction on fixed deposits – section 80C

Fixed deposits or FD is one of the most favored investment instruments in India. In a FD scheme, an investor can invest money for a fixed tenure at a predefined interest rate. As it’s invested for a fixed term, it’s also known as term deposit. Different types of FD schemes are available in India to … Read More » "How to claim tax deduction on fixed deposits – section 80C"

Tax deduction for house rent – Section 80GG

Tax deduction can be availed on house rent paid for furnished or unfurnished accommodation even though you are not getting HRA or House Rent Allowance is not part of your salary. This tax deduction is available to taxpayers under section 80GG of income tax act 1961. If you are getting House rent allowance or HRA … Read More » "Tax deduction for house rent – Section 80GG"

Tax deduction for medical treatment of specified diseases

A resident individual is eligible for tax deduction under section 80DDB for the expenditure he has incurred for medical treatment of specified diseases. If you are a resident individual, then as per the provisions, you can claim tax deduction for your own medical treatment and/or for the treatment of dependents. HUF is also eligible to … Read More » "Tax deduction for medical treatment of specified diseases"

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 spouse or any child of the individual. Child can be dependent or independent on such individual or married or unmarried or minor or major. To get eligible for … Read More » "Insurance premium paid to ensure family member’s life – Section 80C"

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 IT act). To understand section 80G of IT act we have divided types of donation in to two parts. For “Type I” donations we need not do … Read More » "Section 80G – Tax deductions for Donations to specific fund"