Now, an individual tax payer can claim income tax deduction on tuition fee paid to schools or colleges for higher education of children, under section 80C of income tax act, 1961. Payments towards tuition fee to any university or colleges or educational institutions in India for a full time education at the time of admission or otherwise is eligible for tax deduction under … [Read more...] about Income tax deduction for Tuition Fee – Section 80C
deductions
Tax eligibility in the case of insurance premium paid for Parents
Income Tax Deduction for life insurance premium is available under section 80C of IT Act, 1961. Under this section premium paid to ensure your life, life of your spouse and any of your child is eligible for income tax deduction up to a maximum of Rs. 1, 00, 000. As no specific deduction is available for parents under section 80C, the taxpayer will not be eligible for income … [Read more...] about Tax eligibility in the case of insurance premium paid for Parents
Tax benefits on Medical Insurance Premium – section 80D
Medical or health insurance plans of general insurance companies work on the principle of reimbursement of your hospitalization expenses. If you have invested in any of such health insurance policies then you can claim tax deduction under section 80D of income tax act, 1961. An individual like a salaried person, or a self-employed person, or any other individual is … [Read more...] about Tax benefits on Medical Insurance Premium – section 80D
How to claim income tax Deduction on rent paid – Section 80GG
Section 80GG of income tax act, 1961 is applicable to a self employed person, businessman and even to a salaried person for the expenses that they incur towards house rent. If you are not receiving house rent allowance from your employer or your salary does not include house rent allowance then you are eligible to claim income tax deduction under section 80GG for your … [Read more...] about How to claim income tax Deduction on rent paid – Section 80GG
List of IT deductions available under Chapter VI A of Income tax Act
Total amount of tax deductions allowable as per Income Tax act is limited to the gross total income of the tax payer. In this article we are showing you the available Income tax deduction based on the present law applicable in India. Section 80C - Some of the major items for tax deduction u/s 80C are- amount paid or deposited towards life insurance, contribution to Provident … [Read more...] about List of IT deductions available under Chapter VI A of Income tax Act