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A blog to refer as solution to your problem about Indian Income Tax Laws. Readers can also ask question on Income Tax. The format of blog is kept as F.A.Q .
Recent Posts Tagged With 'deductions'
Can Cancer Patient Get Income Tax Relief U/s 80DDB Despite Insurance Claim?
I am undergoing treatment for Cancer currently. Although these expenses are covered under my insurance policy, there is some parallel treatment recommended as preventive measures to control the spread of this disease. Since the parallel treatment (ov...
8 Answers You Must Know To Claim Deduction For Medical Insurance!
Hello, My question is regarding the Deduction under section 80D for Premium paid on Medical Insurance. I work for an IT company, and the company has a tie up with a health insurance company to provide coverage for me, wife and kids, the premium for w...
Be Ready To Pay Tax On Surrender of ULIP or Pension Plan !
I had some Life Insurance Policies with SBI Life ( i)Under their Unit Linked Scheme (ii) Pension Scheme.After continuing for 3 years,I had to surrender the above policies as I needed money. Kindly advise me whether whether surrender value will be be ...
Can We Claim Deduction U/s 80G If Donation Was Deducted From Salary?
We have received one circular that the amount as donation will be deducted from our salary to pay to recognized charitable trust (which has 80G deduction number allotted by IT Department) for the hospitalization of cancer patient. Accordingly, amount...
Are Physical Disable Person Required To Have Proof Of Expenditure For Claiming Deduction ?
I am a handicapped ie.,deaf & dumb from birth. Also my spouse is handicapped ie.,deaf & dumb from birth. We are permanently deaf & dumb 100%. I am working as central govt employee and my spouse working in Public sector under...
Can One Claim Deduction For Expense On More Than One Disable Dependant?
I have to file income tax return where the assessee has 3 medically disabled person i.e Father , Mother and Uncle (fathers brother). What is the process of getting deduction for the A.Y. 2007-08 , What is the amount and what is deduction. Pinky Sital...
Why Is Pension Fund Investment Not A Great Tax Saving Move?
Under which section surrender value of pension plan is taxable ? Sanjay Chavan, PuneThe contribution in pension funds gives the investor deduction u/s 80CCC upto Rs 1,00,000 . However,the combined deduction under 80CCC + 80C + 80CCD is Rs 1,00,000.Wh...
Is Distance Education Eligible For Deduction ?
Does a Distance learning course of Management via satellite also qualify for the aforesaid deduction? Rajesh ,HyderabadIs the tuition fees for M.B.A (Distance Education) paid for self is allowable for deduction u/s 80C of the Income Tax Act . Prem Ku...
Can School Fee Treated As Perquisite Be Allowed Deduction U/s 80C ?
I am working in a school & getting 100% rebate on Tuition fee on my 2 children's fee. The amount of rebate is added as a perquisite in my gross salary which increase the amount of TDS on salary but I am not getting the rebate of the same under se...
Should DDO Insist Upon Evidence Of Payment For Deduction u/s 80DD?
I have query regarding Section 80E of Income Tax Act for the deduction of Interest paid on Higher Education Loan. One has not claimed as deduction interest paid on higher ed. loan in P.Y.2006-07 and filed return without claiming Section 80E. Now whet...
Is ELSS Better Option As A Tax Saving Investment ?
The crash of stock market in the month of March is good opportunity for investors to opt for Equity Linked Saving Scheme because unit price of those scheme shall also be lower on account of crash in stock market. That is not the only reas...
One Insurance Policy, Two Claimants Of Deduction U/s 80D Possible Now !
Budget 2008 -Fine Prints 3 Budget 2008 has brought some very nice changes in section 80 D . These are : Additional Rs 15,000 for medical insurance on parents. If the insured parent is senior citizen , additional insurance amount is Rs 20,00...
Seven Points One Must Know Before Investing In FD for Deduction u/s 80C!
1. Who can buy these FDR? Individual or HUF can get deduction u/s 80C for buying Fixed Deposit in any schedule bank . 2. What is lock in period in case of FDR? Five years without any facility for premature encashment.So the mone...
Can You Claim Deduction For Pilot Training Course?
My son is doing Commercial Pilot Training at New Zealand & I had availed Education Loan from Corporation Bank in August 2007. The loan is in the joint name of my son & my wife & myself is the guarantor. I have paid interest debted towards...
Can Employer Ask For Proof Before Allowing Deduction?
Can an employer give benefit of Sec. 80DD while issuing Form 16? If so, what documents should the employer obtain from the employee? Or should the employee claim this directly while filing his/her ROI?Is actual proof of expenditure required? Or deduc...
What Are The Diseases Covered Under Section 80DDB?
As per Rule 11DD of the I T Act , following diseases or ailments are covered(i) Neurological Diseases where the disability level has been certified to be of 40% and above, (a) Dementia ; (b) Dystonia Musculorum Deformans ; (c) Motor Neuron Dise...
Is Tuition Fee For Part Time Course Eligible For Deduction u/s80C?
I am working in industry since last two years. I recently joined for certificate course in Mumbai university. I paid Rs. 30000/- fees for four months course. The finance people of my company are saying that I am not entitled for tax exemption as it i...
When Can A Person Be Said To Be Dependent On Others?
1. An employee wants to claim rebate under Section 80D for his father /mother who is getting pension. Is it allowed? 2. Under what circumstances the children of an employee are dependent (regarding age etc.) Padma Hosamani It is important that...
Whose Tuition Fee Payment Can Save You Tax U/s 80C ?
Sir,I am a working women and my husband has gone for higher education for which i am paying the education fees. can i claim for tax rebate for this? if yes under which sec and upto what limit.Dr Usha Pandey, Gaziabad Let us see first what is the pro...
Can Wife Claim Deduction if Husband Takes The Insurance Policy?
I am working for a pvt company and so is my husband. Currently I have no insurance policies under my name. My husband has 3 policies and we have just taken a Rs.1 lakh policy for my daughter. We would like to split the premiums paid for both of us. M...
Which Investments In Your Family Member's Name Save Tax For You?
I bought a ULIP from HDFC in my spouse name & I want to claim rebate us 88 as my wife is a homemaker and do not have any source of income,thus do not file any return.I am the primary nominee of the policy and have paid the check from my bank acco...
Can You Claim Dedcution u/s 80C For Loan On Second Home?
Do I get tax rebate at source (govt. office) on loan taken for construction of second house which I am self occupied the loan was taken in the year 2006 may and occupied in 2007 march .the first house is rented out in the year 2007 and I have already...
Can Married Woman Get Deduction For Treatment Of Her Sister?
I have a sister who is mentally retarded and she and my mother are dependent on me. I am married and have two kids one 4 year old and other 15 month old. I wish to know whether I can claim deduction under disability provision.Jyothi, Delhi Mental re...
Do Registration & Stamp Duty Payments Save Tax?
I am a salaried employee, recently bought House and got registered, I incurred 1.70 lacs Registration fees & Stamp Duty. my question is is Registration Fees & Stamp Duty exempt from tax. If yes under which section and max exemption amount . V...
Where Can I Get The Prescribed Form For Disability Certificate For 80DD or 8DDB or 80U?
Three sections under I T Act prescribes for deduction on account of medical reasons. Section 80DD,80DDB and 80U . Two important points need mention 1. Although these sections still state that such certificate should be attached with the return of inc...
Does Definition OF Parent in 80DDB Mean Father-in Law or Mother -in -Law?
MY QUESTION IS WHETHER THE DEFINITION "DEPENDENT PARENT" INCLUDE "FATHER IN LAW OR MOTHER IN LAW".ONE OF MY LADY ASSESSEE WHOSE HUSBAND IS A GOVERNMENT SERVICE HOLDER, SHE IS DOING TRADING BUSINESS, SHE HAD EXPENDED DURING 01/04/2006 TO 31/03/2007 FO...
Good News! Investment In Sr.Citizen Savings & 5 Year PO Time Deposit Eligible For 80C deduction.
A news You Can UseRead the following press release given on income tax department's site regarding the eligibility of two new savings scheme as far as 80C deduction is concerned.PRESS RELEASESection 80C of the Income-tax Act provides for a deduction...
Why Full Amount Of Insurance Premium Not Allowed Deduction u/s 80C?
I have invested Rs. 54000 in LIC (US 80C ) and my company has qualify tax rs 24000 only . Please let me know the reason for the same. Pradeep DeoWhile exact reason can be told by your company only, I presume that they might have invoked sub-secti...
