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TAX CONCESSIONS FOR AILING & DISABLED

Liberal deductions provided under the I.T. Act in respect of expenditure for medical treatment & maintenance!  The Income-tax Act provides for special deductions in computing the taxable income of a taxpayer who is disabled or who is required to incur expenditure for the medical treatment, training or rehabilitation of a disabled dependent or any amount deposited for the maintenance of such disabled dependent....

TAX SAVING, THE HEALTHY WAY!

Take care of your family’s health insurance & check-up needs & avail useful tax saving deductions u/s. 80D! Section 80D of the Income-tax Act provides that a taxpayer can claim a deduction up to Rs.15,000 per year in respect of health insurance premium paid by him or any contribution made to the Central Government Health Scheme (CGHS), by any mode other than cash, out of his income chargeable to tax. It...

TAX INCENTIVES FOR AUTHORS!

While Rs.3 lakhs of specified royalty is exempt, an adhoc deduction of upto Rs.5,000 is also available out of honorarium!              As per the provisions of Section 80QQB, for purposes of computing the taxable income in case of an author, who is an individual resident in India, a special deduction of upto Rs.3,00,000 is available in respect of specified royalty income earned by him.              Such specified...

AXE YOUR TAX AND RELAX!

With diverse recipes available for tax saving u/s. 80 C savings & investments require some smart planning!              The scheme of Section80Cof the Income-tax Act provides for deduction out of taxable income of a taxpayer who is an individual or HUF, in respect of specified savings, investments and allocations made by them during the financial year.              Section80C offers deduction to either an...

TAX FREE MEDICAL PERKS

 Salaried employees enjoy special tax shelter for various reimbursements of medical expenditure for self & family!                     Section 17(2) of the Income-tax Act provides for taxability of perquisites in the hands of a salaried employee. In this context, a salaried employee must plan to take the benefit of a number of medical facilities provided by an employer to the employee, which are not treated as...

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