Category Archives: Clubbing

Is Minor child’s Income taxable?

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As per the general principles of tax laws, a child who is below 18 years of age is said to be a minor. Many a times, people are confused about whether minors are liable to pay Income-tax or not. Let us make it simple to understand. A minor child may be… Read more »

Deduction for Health Insurance U/s. 80D

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Health insurance or Mediclaim assures that you are adequately covered for all your medical expenses which might arise in the future. The coverage offered by mediclaim policies are different, depending on what kind of a policy you choose. Section 80D also includes preventive health check-up. Health insurance premia paid by… Read more »

Rule 11DD

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List of diseases as covered under Rule 11DD of Income Tax Rules, 1962 are as under: (i) Neurological Diseases where the disability level has been certified to be of 40% and above,— Dementia ; Dystonia Musculorum Deformans ; Motor Neuron Disease ; Ataxia ; Chorea ; Hemiballismus ; Aphasia ;… Read more »

Save tax by transferring money to your spouse’s account?

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Yes, it may sound strange but you can save taxes by transferring money to your wife’s account! Here’s how! When you transfer some amount in your wife’s account for meeting her personal expenses, etc and she uses the same for investing in any assets, investments or fixed deposits, the income… Read more »

Clubbing of Income

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The practice of diverting self income to some other person like spouse, minor child, etc. to reduce own Income-tax liability was very popular in India. The same was noticed by the Income-tax Department. Accordingly amendments were made in the Income Tax Act specifying certain cases where income of one person… Read more »