More often persons with disability are not aware of tax deductions available to them. Due to which they end up paying more tax than the actually liability.Below in this article, we have discussed different tax deduction provisions applicable to disabled persons in India.In case of any doubt, we request you to use our comment section below for posting your queries and … [Read more...] about Tax benefits for a disabled person in India
Income Tax
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
5 special tax benefits for a senior citizen
Government has special provisions to accommodate tax benefits for Senior citizens who have attended 60 years of age during the financial year.Please remember, after attending 60 years of age during the financial year, you will be eligible for following tax benefits. Otherwise, normal provisions will be applicable.From financial year 2011-12, qualifying age limit for a … [Read more...] about 5 special tax benefits for a senior citizen
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
Home Loans & Tax Benefits: Your Guide to Smart Savings in India!
A home loan helps you buy your dream house. In India, the government encourages buying homes by offering tax breaks when you pay back your loan. One big advantage of a home loan is that you can save on taxes.According to the Income Tax Act of 1961, you can get tax deductions for your home loan. This means that each month, the interest you pay on your loan can lower your tax … [Read more...] about Home Loans & Tax Benefits: Your Guide to Smart Savings in India!