Sentences with phrase «avail deduction»

Income tax benefit: Policyholder can avail deduction from taxable income for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and conditions.

Similar to 80 C, if the premium amount exceeds 20 % of the sum assured, you can avail deduction up to 20 % of the sum assured on your premium payment.

Indian companies can avail deduction under section 80 GGB for the amount contributed to an electoral trust or any political party, provided the contribution is done by any payment mode other than cash.

As per Section 80CCC of the Income Tax Act, you can avail a deduction of up to Rs. 1.5 lacs on the premium paid and one - third of the amount withdrawn on maturity will also be tax free.

They can either present a proof or attestation of the payment made towards interest to the HR department and can avail deduction on their pay at the source or they can take it while their file your ITR.

Under Section 80D of the Income Tax Act, one can avail deduction of up to Rs 15,000 for self, spouse and dependent children, while an additional Rs 20,000 is available for parents above the age of 60 (who fall in the senior citizens category) on premium paid for a health insurance plan.

As per this section, a person can avail a deduction of Rs 40,000 against their income tax.

Avail Deduction for Your Student Loan Interest If your student loans qualify, you can deduct...

Not only does it save money upfront for the borrower, it is also beneficial from a taxation point, because both borrowers can avail deductions for interest payments under Section 24 of IT Act and under Section 80 C of IT Act for the principal being repaid.

Entities of International Financial Services Centres, Scheduled Banks that have off - shore banking units in SEZs, and banks set up abroad, can avail deductions under Section 80 LA, in correspondence with the laws of a foreign country.

In addition to this, very senior citizens (over 80 years) who are not covered under health insurance can avail deductions of Rs 30, 000 towards expenses incurred on medical treatment and up to Rs 80, 000 towards expenditure against pre-identified diseases of serious nature.

Tax payers may avail deductions of an amount as much as 1.5 lakh INR with several other investments also being eligible for such a rebate.

One can avail deductions on premiums paid as per Section 80C of the Income Tax Act of 1961.

Not exact matches

The tax deduction limit of upto Rs 1.25 lakh in case of severe disability can be availed.

Dear Dr. Anil, For FY 2015 - 16, the maximum tax deductions that can be availed u / s 80c is Rs 1.5 Lakh.

Question — As you said, the interest for the pre-construction period can be availed for deduction in five equal installments.

Interest paid by me till date: 2011 - 12: 72000 2012 - 13: 233000 2013 - 14: 260000 2014 - 15: 254000 2015 - 16: 248000 My query is that whether i can avail Tax deduction of up to Rs 2 lacs or 2,48,000 for payment of interest on a housing loan in the financial year 2015 - 16 under Section 24 of the Income Tax act or am i entitled to the deduction of Rs. 30,000 only.

Both of these offer tax deduction benefit under section 80C up to Rs. 1 lakh p.a.. However, tax benefit for one time premium policy can be availed only once whereas the regular premium policy will provide you tax deduction continuously.

Under Section 80C, individuals can avail of a deduction of up to Rs 150,000 by investing in specified instruments like Employees» Provident Fund, Public Provident Fund, etc..

If a taxpayer avails of any long - term capital gains from the sale of a long - term capital asset, he / she can avail a tax deduction.

Under this section, only Indian Companies can avail tax deductions, with the sum they donate to an electoral trust or political parties qualify for deductions.

Also, any preventive health check - up expenses up to Rs. 5,000 can be added to the premium and availed a tax deduction as per the given limits.

According to Section 80D of Income Tax Act, you can avail tax deduction, based on the premium paid for a health insurance policy.

Income tax deductions under this section can be availed by an assesse, by donating or contributing to an electoral trust or political party.

Under this section, you can avail a maximum deduction of Rs. 3 lakh.

Artificial juridical persons and local authorities are not allowed to avail the tax deductions under this section.

Persons with physical disability like blindness or even mental retardation can avail tax deductions up to Rs. 75,000.

If a taxpayer avails any long - term capital gains from the sale of a long - term capital asset, he / she can avail tax deductions.

However in the case of serious medical disabilities and expenses arising due to the treatment of dependent siblings, under Section 80DD, you can avail tax deductions.

All assesse can avail income tax deductions under this section, contingent to all of them not having any earnings through gain or profit from a profession or business.

If an individual taxpayer bears medical expenses towards maintenance of dependent family members with severe disability, then they can avail tax deductions up to Rs. 1,25,000

If you pay the health insurance premium for your spouse, children, and parents, then are eligible to avail the tax deduction under section 80D of Income Tax Act, 1961.

They can avail income tax deduction, subject to the location of the business in certain specific areas.

Also, a deduction equivalent to 100 per cent of the profit generated for 5 consecutive years since the establishment of the business can be availed by such assesse.

This deduction can be availed by all assessee, subject to them offering a proof of payment, with the deductions» limit decided depending on some factors.

The indemnity cover can not be availed without depositing the compulsory deductions that can be 5 %, or some defined percentage of the claim amount, or Rs. 2,000 - 20,000.

ELSS funds allow investors to avail a tax deduction of up to Rs. 1 lakh.

The options that you invest in should add value to your financial portfolio and also help you avail maximum benefit.It is imperative for us to know about each of the instruments that fall under Section 80C, because most of the deductions that we all claim, falls under Section 80C.

Tax saving can be done by purchasing any of these plans as the premiums paid by you on these policies can be used for availing tax deduction upto the overall limit as prescribed under Section 80C of ITL.

If any top up premium shall be paid under the policy in which loan is availed of, the top up premium will be first adjusted towards outstanding loan and interest on outstanding loan, if any, and the balance available shall be invested in the fund (s) chosen by the policyholder after deduction of applicable charges.

The premium that is paid availing for Critical Illness benefit also allows a deduction under the Section 80D.

The maximum deduction that you can avail under this Section is of Rs. 1,50,000.

The tax benefit availed for premiums paid towards such plans are eligible for deduction under Section 80D are as under:

Avail Tax Exemption: You get a tax deduction for the premium you pay under Section 80C, and any income from the plan is tax - free under Section 10 (10) D of the Income Tax Act

In case you avail the life insurance policy in your parent's name, you will be eligible for an additional tax deduction benefit of Rs. 25,000 / -.

You avail tax deduction under Section 80 C.

You can avail tax deduction under the Section 80C of the IT Act, 1961, for the paid premiums towards ULIPs.

The advantage of it all is that the more you are aware of the deductions you can avail, the more are the chances that you save on money or save on taxes.

This deduction can be availed by assessees who do not have an HRA component in their salary structure, and the deduction is available towards home rent paid in a year.

Under the current norms a maximum amount of Rs. 15,000 inclusive of any amount paid for the preventive health care checkups can be availed for a deduction under Income Tax u / s 80D Act.