: For Finance Professionals & Students

Tag Archives: Deduction under chapter vi

Why take Health insurance for family to save tax

Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 25,000 paid for self and family. If the policyholder is a senior citizen, the benefit can increase to Rs 30,000. Mostly people take only this benefit into account and consider the maximum limit here to be the highest amount that can be utilised for tax benefit. However, an additional deduction is possible and can be utilised.

Appearance past phase 80C: have you missed out on any of those tax breaks?

Maximum folks are privy to the concept of deductions from gross total profits available to a taxpayer. you can still declare deductions from one’s gross overall income by investing in avenues distinctive via the government. those deductions are to be had under exceptional sections of the earnings Tax Act, 1961.

Complete investments, expenditures than can be claim under Section 80C

However we already know the deduction available under section 80C of the Income tax Act, 1961. The maximum amount of deduction that can be claimed under section 80C is Rs 150000 for FY 2015-16. The section have many investment options to the taxpayer that not only generate returns for him but can also be minimized total taxable income.

Possible Tax Benefits of Health Insurance

The increased incidence of lifestyle-related diseases and the spiraling costs of healthcare has made it necessary for people to get health insurance coverage. You can get yourself and your family, which includes your spouse, children, parents, and other dependents, covered under health insurance.
If you or members of your family are affected by a medical emergency, you’ll be flooded with exorbitant medical bills. That’s where health insurance will come in handy.

Any Employee whole join his/her first job and employer ask him to join EPF Scheme, She/he First though that enter in this scheme will cut off his in hand salary and it is not good because less salary will effect on his monthly expenditures. And they argue not to enter this scheme.Before recently amendment was done the limit to enter the scheme was limited to the person those earning through salary was Rs. 6500/- Per Month But after amendment more person covers in this scheme as the present limit is now 15000/- w.e.f.from 01.09.2014

© 2014, all rights reserved at