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Life Insurance Premium- Tax benefit on proceeds received on Maturity

Besides the benefit of securing one’s life by taking a life insurance policy, there are tax benefits & income tax exemption on the maturity amount received from the policy provided the premium paid to actual capital sum assured does not exceed the prescribed thresholds provided by Income Tax Act. Life insurance proceeds received on maturity […]

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Tax benefit to salaried employee when Car is provided by the employer

It is a common practice in MNCs & Private limited companies to provide Cars to its employees for discharging official duties. Above a pay-scale or Grade of the employee, many companies provide a car to the employee. These cars are taken on lease by the company & used by the employee both for official as […]

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Tax benefit to employee on Medical Reimbursement of up to Rs.15,000

A lot of health benefits have become available to employee these days & with stretched working hours, job stress & other genetical factors, medical expenses incurred on yourself, spouse or children have become very common. Medical Reimbursement is an arrangement under which employers reimburse the portion of the health expenses incurred by the employee. The […]

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tax saving investments

Tax Benefits on Children Education Allowance, Tuition fees & School Fees

In this article, we have enumerated the tax benefits available for payment of education fees of children that is part of the salary structure of the salaried individual as well as taking additional deduction under section 80C for making investments in children’s education. The government of India allows tax breaks & income tax exemption on […]

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Importance of life insurance for financial well-being

What are the various tax benefits associated with life insurance products? Life insurance products come with tax-saving deductions as under: Life insurance premium payments made up to Rs 1.5 lakh under Section 80C in the name of the taxpayer, taxpayer’s spouse or children ULIP investments up to Rs 1.5 lakh under Section 80C. ULIPs are […]

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