Section 80D Medical Insurance Premium

80DMedical Insurance Premium or Contribution to Central Government Health Scheme paid by any mode other than cash.  Payment of an amount of Rs.5000/-  incurred towards Preventive Health Check-up can also be claimed as deduction within the overall ceiling as above– Up to Rs. 15,000.  For Senior Citizens– Up to Rs. 20,000.   Medical Insurance Scheme by … Read more

80CCE is not the separate deduction.

Aggregate of deduction u/s 80C, 80CCC and sub section (1) of Section 80CCD shall not exceed Rs.1, 50,000. As per this section, the maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC and 80CCD will be limited to Rs 100,000.In other words, Section 80CCE is not the separate deduction. It says … Read more

80C Savings upto ₹1,50,000

Save Tax via Investments – Section 80C:Sec 80C limit raised from Rs.1,00,000 to Rs.1,50,000.This is a change after long gap. So now you have Rs.50,000 more buffer to invest under Sec.80C and get the tax exemption. So you can invest more in tax saving FDs, ELSS, PPF, EPF, home loan principal and buy life insurance.Section … Read more

Gratuity – Legal Provisions and Taxation

Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched. Going by the book:- Gratuity is a reward for long and meritorious service.In 1972 the government passed the Payment … Read more