Archive | Section 80 Deductions

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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Section 80D- Tax benefits on taking a Health Insurance Plan

Section 80D offers one of the best tax saving benefits in India. Health Insurance premium paid towards purchasing a health insurance plan(also known as mediclaim) is allowed as a tax deduction under section 80D. Not only can you take benefit by purchasing health plan for yourself but also you can take the benefit by purchasing […]

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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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Paying life insurance premium? Don’t forget to claim tax benefits

Payment towards Life Insurance premium not only protects one’s family but is also a great tool for tax planning & savings. Life Insurance premium is money an individual pays for purchasing an insurance policy. In exchange for premium paid, the life insurance company provides a lump-sum payment. This lump-sum payment is the ‘sum assured’ of […]

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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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Term life insurance – The first step towards financial security

A common sentiment among youngsters these days is that life insurance is a waste of money. Ask them why and they’ll say–because it doesn’t give any returns. On probing further, one gets to peep into how the young human mind functions. We are programmed by society to seek monetary gains from everything that we do. […]

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Five reasons to invest in tax-saving mutual funds

Individual as well as HUF taxpayers can save up to Rs 1.5 lakh every year on income tax. This deduction is available on investments and expenses under Section 80C. One of the investment options that you can use to save taxes are tax-saving mutual funds. Popularly known as Equity Linked Saving Schemes (ELSS), these funds […]

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Why TDS has been deducted on my EPF?

Without doubt EPF continues to be the most loved product for the salaried. Both the employee and employer contribute to the EPF kitty; and we stand in hope of it coming to our rescue at difficult times. But when TDS is deducted on EPF balance, it comes as a harsh blow. Let’s understand the reasons […]

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