Category Archives: Deductions

Tax implications of a LIC Policy

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Life is important and life lost has a tremendous impact on your near and dear ones. The emotional scars are hard to cure but one may never want their family to go through financial crisis as well. With this view Insurance has been allowed as a major deduction by the… Read more »

Deduction 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 checkup. Health insurance premia paid by… Read more »

Tax Saving Investment Options available under Income Tax

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You can invest/contribute/deposit/pay in following to save your taxes :- a) Life Insurance policy taken on your life or on your family, premium paid during the financial year shall be deductible b) Contribution towards Public provident fund c) Subscription to National Savings Certificates (Accrued interest on NSC is also deductible… Read more »

Section 87A Rebate of Rs 2,000

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Section 87A  provides for income tax rebate for RESIDENT individuals who are having total income below Rs. 5,00,000. Such rebate is also available to Senior citizens (individuals who are 60 to 80 years  of  age). There is no benefit of such rebate to Super Senior citizens (individuals above the age… Read more »