At the end of every financial year, many tax payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to … Continue reading 7 Tax Saving Strategies for Salaried Individuals
Health insurance plans, apart from the covering medical expenses, additionally provide tax benefits. Under section 80D of the income Tax Act, the premiums paid for a health insurance plan are eligible for a deduction, while calculating one's taxable income. This makes your health insurance plan an ideal and effective tax saving tool. Here are the … Continue reading Tax Benefits on Health Insurance Plans-Section 80D
The Income Tax Act of India lets you save tax under various sections. By utilizing these sections, a substantial amount of tax could be saved. Investments in instruments eligible under Section 80C, 80CCF, or Section 80D, not only help you invest for the future, but also provide you a deduction from your net taxable income. … Continue reading Your Health Insurance Plan Is an Effective Tax Saving Tool
Its tax saving season and almost everybody is thinking of reducing their tax burden by cramming in last minute investments. Cashing in on this scenario are financial companies making a splash with a plethora of tax saving products such as Infrastructure Bonds, ULIPs, and ELSS etc… At this point in time, we thought it right … Continue reading The Tax Advantage of Insurance
A critical illness plan is a health insurance policy designed to meet the expenses of life threatening critical ailments. It pays you a guaranteed amount if you are unexpectedly diagnosed with a critical ailment. With a critical insurance plan you get yourself insured against serious illness such as a stroke, cancer, heart attacks, kidney failures or bypass surgery. The list of critical ailments varies from insurer to insurer.
Tax payers must consider the various exemptions as provided by the government to minimize tax liability. Sections 80C provides a deduction of 1, 00,000 for investments in Life Insurance Premiums, deferred annuity, provident fund, and specific equity shares. 80CCC permits a deduction of 10,000 for contribution to certain pension funds and 80D Rs 10, 0000 for contribution to Medical Insurance Premium.