Every family has regular medical expenses. This may be towards a health insurance premium, or expenditure related to a family member's disability/critical illness. The Income Tax Act of 1961 has made provisions to reduce this burden through tax deductions under Income Tax section 80D, section 80DD, section 80DDB. Read on to understand how to use these sections to your benefit.
Section 80 DDB for Treatment of Specified diseases
Costs incurred for treatment of specified illnesses, could fetch you a tax benefit under section 80DDB.
Available Deduction - For individual assesses less than 65 years of age, a deduction limit of Rs. 40,000 is applicable. For a senior citizen, the limit is Rs. 60,000.
Scope of Deduction - Deduction is applicable for treatment of self, spouse, children, siblings, and parents, wholly dependent on you.
Diseases covered
a) Neurological Diseases (where the disability level has been certified as 40% or more).
b) Parkinson's Disease
c) Malignant Cancers
d) Acquired Immune Deficiency Syndrome (AIDS)
e) Chronic Renal failure
f) Hemophilia
g) Thalassaemia
Key Factors
- If you are already receiving any reimbursement for the treatment from your insurance company or employer, deductions cannot be claimed. If you are receiving partial reimbursement, the balance amount can be used for a deduction.
Application form for Tax Saving Infrastructure Bond and more information
Current open Infra Bond Application form
Submit filled up application Collection canter near you
---------------------------------------------
Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
0 comments:
Post a Comment