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deductions

Tax deductions on contribution to employee provident fund – EPF

Last Modified on April 15, 2022 by CA Bigyan Kumar Mishra

Employee contribution to EPF account for the previous year 2021-22 and 2022-23 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, if you have … [Read more...] about Tax deductions on contribution to employee provident fund – EPF

Tax benefit of health insurance and medical check-up

Last Modified on April 21, 2022 by CA Bigyan Kumar Mishra

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 of the Income Tax Act, 1961, to know how much tax deduction you can claim for health insurance premium payments and when … [Read more...] about Tax benefit of health insurance and medical check-up

How to claim Tax deduction on Life Insurance Premium

Last Modified on April 21, 2022 by CA Bigyan Kumar Mishra

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, the amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a tax deduction from the taxpayer's gross total income before arriving at the taxable income. Tax deduction is available on a … [Read more...] about How to claim Tax deduction on Life Insurance Premium

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

Last Modified on April 21, 2022 by CA Bigyan Kumar Mishra

In budget 2018, government has introduced a new section 80TTB to provide tax deductions to senior citizens getting interest from bank, co-operative society engaged in banking business or post office deposits. Section 80TTB will be applicable with effect from financial year 2018-19 (AY 2019-20). Who is eligible A senior citizen can claim tax deduction for Interest … [Read more...] about Tax deduction to senior citizens on interest from deposits – Section 80TTB

Tax deduction for interest on saving account – Section 80TTA

Last Modified on April 23, 2020 by CA Bigyan Kumar Mishra

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 account deposits after taking … [Read more...] about Tax deduction for interest on saving account – Section 80TTA

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

Last Modified on April 22, 2020 by CA Bigyan Kumar Mishra

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 invest for a fixed term. However, IT act allows tax deduction only on those … [Read more...] about How to claim tax deduction on fixed deposits – section 80C

Tax deduction for house rent – Section 80GG

Last Modified on April 22, 2020 by CA Bigyan Kumar Mishra

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 from your employer, instead of taking tax benefits under … [Read more...] about Tax deduction for house rent – Section 80GG

Tax deduction for medical treatment of specified diseases

Last Modified on March 20, 2020 by CA Bigyan Kumar Mishra

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 claim tax deduction for medical … [Read more...] about Tax deduction for medical treatment of specified diseases

Insurance premium paid to ensure family member’s life – Section 80C

Last Modified on May 31, 2015 by Editorial Staff

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 tax deduction under section 80C of IT act, such amount … [Read more...] about Insurance premium paid to ensure family member’s life – Section 80C

Section 80G – Tax deductions for Donations to specific fund

Last Modified on May 8, 2014 by Editorial Staff

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 any calculation. If we have donated to a fund that is coming under … [Read more...] about Section 80G – Tax deductions for Donations to specific fund

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