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Deduction in respect of Health Insurance Premium – Sec 80D of Income Tax Act

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Under Section 80D of the Income Tax Act, deduction in respect payment made towards Health Insurance Premium and Preventive health check-up is allowable as deduction from total income. Who can claim the deduction & for what? – Individual or HUF can claim deduction under this section in respect of payment made by them towards:- 1.     … Read more

Nature of payment for deduction under section 80C of Income Tax Act

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Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year.  Maximum amount deductable  Maximum amount deductable under section 80C … Read more