# Have you missed out on any of these tax breaks?
by : Nationaltenders
Posted on - July 22, 2016 01:59:10PM
Region : National
Look beyond Section 80C: Have you missed out on any of these tax breaks?
Most of us are aware of the concept of deductions from gross total income available to a taxpayer. One can claim deductions from one's gross total income by investing in avenues specified by the government. These deductions are available under different sections of the Income Tax Act, 1961. The most popular deduction is under Section 80C, but there are other deductions also which may be available to you but you might miss out on them due to lack of knowledge.
Also Read: 14 investments you can claim as tax break under Section 80C
Here's a list of deductions that you can claim under different sections of Income Tax Act. Make the most of it and reduce your taxable income to the maximum possible.
Section 80D: Payment of medical insurance premium
A mediclaim policy is a must nowadays because if you or your family fall sick or, meet with an accident, your medical bills could wipe out your savings. The amount paid as medical insurance premium (mediclaim) is eligible for deduction under this section. One can take the policy in his or spouse's name, dependent parents and children. If you are a Hindu Undivided Family (HUF), then the policy can be taken in the name of any family member.
To claim deduction, you have to first pay the premium by any mode other than cash. Also, the insurer should be approved by either the central government, or the Insurance Regulatory and Development Authority of India (IRDAI).
The maximum deduction amount that can be claimed under this section by an individual or HUF is Rs 60000, but there are many sub-limits that one has to take care of.
An individual can avail a maximum deduction of Rs 25000 for the premium paid for himself, spouse or dependent children. He can get an additional deduction of Rs 25000 for the premium paid for his parents. If the person in whose name the policy has been taken is a senior citizen ( 60 years or more), then the limit of Rs 25000 in each case would be increased to Rs 30000.
As an HUF, you can get a maximum deduction of Rs 25000 for the premium paid for any member. If the insured person is a senior citizen then the above maximum limit of Rs 25000 will be increased to Rs 30000. One can claim a maximum deduction of Rs 5000 for preventive health check-up and the same can be paid in cash too.
This deduction is available to a taxpayer for the expenditure incurred by him on the health and maintenance of disabled persons -- spouse, children, brother and sister -- who are dependent on him. In the case of an HUF, they can be any family members. The maximum deduction amount that can be claimed under this section is Rs 75000 per annum. The same will be increased to Rs 125000 in case the dependent is suffering from a severe disability. To claim this deduction, you need to attach a copy of the certificate issued by the medical authority (a neurologist or a civil surgeon) along with form 10-IA when you file your return.
Disability includes autism, cerebral palsy and mental retardation. A person with severe disability would be one who has 80 per cent or more of any of these disabilities, i.e., a medical authority has certified that his level of disability is greater than 80 per cent.
This deduction is available on the expenditure incurred by a taxpayer on the treatment of specified diseases for self or spouse, and dependent parents, children, brother and sister. In the case of an HUF, this deduction can be claimed for expenditure made for any family member. The deduction amount will be equal to the amount actually expended or Rs 40000, whichever is less. If the person for whom the expenditure is made i ..
Leave your comment
Please login to leave your comment.National Tenders
We Provide Tender Services,Private work,Post Your Requirement,Event Posting,Liasisoning,Web Designing,Digital Signature Certificate
Enquiry Now
Our Events
TENDERS is a market-leading e-tendering facility that automates almost the entire tendering process; from the preparation of tender specifications and tender publication, to the receipt and management of submissions, the prequalification process
Details :- Confidential Printing Work Of Indian Bank Association Iba Who Have For Printing Of Transit Book As Per Technical Details Including Paper, Printing, Transport . For more Details :- http://www.nationaltenders.com/details?id=NzM0NDUwNw==
COMPANY NAME : Parth Rubber Tech Pvt. Ltd. Parth Rubber Tech Pvt. Ltd. – We are an ISO 9001:2008 certified manufacturer, importer and exporter of Solid Tyres for Forklifts, Pavers & Trolleys , Buffer Rubbers for Vibratory Pile Hammer , Vibratory Rollers. Track Pads , Anti Vibration Pads and other Rubber or Rubber to Metal Bonded parts. &n[..]
รข??Mechanical Repair /Overhauling/Manufacturing Work Of Different Mechanical Items For Railway Workshop / Govt. Organisation. for more details call on 079-66172085 / 86
Similar Events
Leveraging on our rich industry experience, we are offering Thermal Spray Aluminum Coating Services. We have engineers and experts who have in-depth knowledge in this field to perform such services. These services are carried out using advanced technology & advanced equipment and are completed within a given time period. We are highly acclaimed for providing these services at affordable prices.
SAMWAL-PL is a ready-to-use dry powder requiring only addition of water and produces a high strength mortar with non-shrinking properties. It is a mixture of specially processed cement and carefully graded fine aggregates. Additives impart high water retaining properties and adhesion to substrate. Low water / cement ratio ensures high early and ultimate strengths
Description :- Construction Of Building For Upgradation Of High Voltage_ Ultra High Voltage Test Facilities Including Electrical Work At Cpri Campus, Bangalore. S.H: Contingencies, S.W: Providing 1No. Computer Operator And 1No. Mts At Bced I, Cpwd, Bangalore. . Click on :- http://www.nationaltenders.com/details?id=NzQ2MzM1Mw== Contact us :- 079-66172085/86