Section 80D gives tax benefits up to a limit of Rs. 60,000 on health insurance or medical insurance/mediclaim policies including the premium paid for family and parents. Now it is easy to get these benefits online. Find out how.
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The introduction of Sec 194DA meant paying taxes on proceeds from life insurance policies which do not fall under Sec 10(10(d)). This article, with the help of illustration, explains how to calculate taxable returns from a life insurance policy (single premium or otherwise) in which TDS is deducted by the insurer before payout of maturity proceeds.
The New Pension Scheme (NPS scheme) was launched a few years back. But we still see a lot of us who are yet to take benefit of this scheme. Unfortunately, the reason is mostly lack of awareness. And for some others who have heard about the benefit from Section 80CCD(2), but do not know how to compute it, here are the reasons you should sign up for the NPS immediately.
Reduce your tax outflow by making investments in the right way. MintWise shows various options you have from 2014-2015, using which some smart investments can save you up to Rs. 50,000 every year.
Unlike Fixed Deposits and National Saving Certificates, products like Life insurance, health insurance and pension plans can be great saving products to invest in. Know how they help to save tax on both what you invest in 2014-2015 and what your get as returns later.
Your life insurance should equal your Human Life Value (the financial value that you will provide your family over your life). Add any Loan amount to that.