Archive | Tax Saving

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 exemption on Employee benefits* provided by Employer

Medical Insurance Premium paid by employer on your behalf In case your employer is providing you benefit in regard to paying your medical premium on your behalf & the premium amount is getting deducted from your salary, the payment by employer in any mode other than cash should satisfy the requirements of Section 80D since […]

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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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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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