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SECTION 80DD
Rs 27K income tax liability became Rs 9.44 lakh: Pune taxpayer claims fake deductions of Rs 10.65 lakh; taxman imposes 200% penalty; ITAT upholds fineA Pune taxpayer faces a hefty Rs 9.44 lakh penalty for misreporting Rs 10.65 lakh in deductions, including fake claims for political donati...- Save income tax with medical expenses: Claim deduction while filing ITR u/s 80DD and 80U on treatment cost of a disabled personIncome tax return filing: You are eligible to claim a tax refund for expenses incurred for a disabled person including medical treatment. T...
- Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claimIf your gross total income is in the range of Rs 6-11 lakh, you could try and claim tax deductions to reduce it to Rs 5 lakh. These deducti...
- A quick guide on how to save tax in a financial yearFor the financial year 2020-21, if you have opted for the old income tax regime, then there are many ways you can save tax. Here is how you...
- Disabled can claim tax saving deductions up to Rs 1.25 lakh under sections 80DD, 80U"The amount of deduction depends on the percentage of disability. The deduction claimed is fixed irrespective of the actual expenses. The d...
- How to save income tax via medical expenditures under sections 80D, 80DD, 80DDB, 80UMedical expenditures for certain specified diseases provide tax benefits under the Income-tax Act. Section 80D, 80DD and 80DDB and 80U of t...
- Tax deductions, exemptions not available in new tax regimeHere is the list if tax deductions and exemptions that one cannot claim if he/she opts for new tax regime for a particular financial year.
- Budget 2022 introduces new tax relief for parents of disabled under Sec 80DDEarlier, Section 80DD allowed deduction on the premium amount to the proposer of the policy if it was a term plan where the disabled person...
- Tax benefit on insurance for disabledEarlier, the premium paid on insurance policies bought by parents of differently abled children or dependants qualified for deduction under...
- Your parents, wife and children can help you save taxes. Here's howSalaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.
- Quick tax-saving tipsHere are tax breaks you can claim on various incomes and expenditures under different sections of the Income-tax Act, 1961 that can reduce ...
- Do I have to pay capital gains tax if I switch between schemes of same mutual fund?"The switching of schemes would be considered as redemption or sale of units of one scheme and purchase of units of the other scheme."
- Tax optimiser: How claiming medical expenses under section 80DD can reduce Sharma's tax outgoSudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
- Tax queries: Employer didn't deposit the TDS it deducted on your salary. How to claim it?According to the I-T Act, an employee is entitled to claim credit for the tax deducted at source by the employer even if the same is not pa...
- Financial planning for a special child should be long termMillions of children in India live with disabilities. Parents of children with special needs have to plan their finances carefully to secur...
- Claiming tax benefit on serious ailments such as thalassaemia, cancer, AIDS and haemophilia as expenses made easyFinance Ministry has made it easier to claim tax benefit on expenditure with regard to serious ailments like thalassaemia, cancer, AIDS and...
- Union Budget 2015: Health insurance deductions hike to cut annual tax by Rs 16,995 in top-tax bracketAn additional deduction of Rs 25,000 has been announced for differently-abled persons under Section 80DD and Section 80U of the Income-tax ...
- Little-known tax deductions you might have missed while filing returnsPaying more tax than is due is bad enough. Many youngsters are not conversant with tax rules and fail to fully utilise the deductions avail...
- Tax planning does not end with Section 80CIt's that time of the year again when one needs to begin calculating their tax liabilities. However before you do so, remember to analyze t...
- Query corner: TaxOur expert helps you Understand the Complexities of Tax In This Weekly Column.
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