In finance budget 2018, government has introduced section 80TTB to provide tax benefits to senior citizens getting interest from banks, co-operative banks and post offices. This means Section 80TTB is applicable with effect from financial year 2018-19 (AY 2019-20).If you are a senior citizen, then for the financial year 2023-24 (assessment year 2024-25) you can claim tax … [Read more...] about Tax Deductions for Senior Citizens on deposits and Post Office Schemes-Section 80TTB
Deductions
Tax Deduction for medical treatment of dependent with disability-Section 80DD
An individual who is resident in India can claim tax deduction in respect of maintenance including medical treatment of a dependent being a person with disability under section 80DD of the Income tax act, 1961. A hindu undivided family (HUF) can also take benefits of Section 80DD of the Income tax act, 1961.As section 80DD is silent on citizenship of the … [Read more...] about Tax Deduction for medical treatment of dependent with disability-Section 80DD
Tax Benefit for Preventive Health Check Up – Section 80D
Due to a amendment to section 80D, preventive health check up is allowed as a income tax deduction from financial year 2012-2013 on-wards.As per section 80D, an individual is eligible for tax deduction on the amount spent for preventive health check up for self, spouse, dependent children or parents.Deduction Limit For Preventive Health Check Up – Section 80DAs per … [Read more...] about Tax Benefit for Preventive Health Check Up – Section 80D
Tax Deduction for medical and health insurance-Section 80D
Section 80D of the Income tax act, 1961, allows an individual and HUF to claim deduction out of income in respect of medical and health insurance premium.As per Section 80D, an individual irrespective of citizenship and residential status can take benefits of this section. Which means both Indian citizens and foreign citizens can claim section 80D tax deduction.NRIs … [Read more...] about Tax Deduction for medical and health insurance-Section 80D
How to save tax on contribution to Public Provident Fund – PPF
Public provident fund or as popularly known as PPF, is a secured long term investment option backed by the Government of India. In this article we will be discussing tax deduction under section 80C for the contribution to Public provident fund.From tax point of view, PPF falls under the Exempt-Exempt-Exempt (EEE) category. This means, periodic contribution to Public … [Read more...] about How to save tax on contribution to Public Provident Fund – PPF