Additionally, individuals can also claim deductions for tax-saving investments as dictated under Section 80C to 80U. The following are the income tax slab rates for individuals below the age of 60: Income Range Tax rate Tax to be paid Up to Rs.2,50,000 0 No tax applicable Rs 2.5 lakhs ...
Deduction limit increment under Section 80D of the Income Tax Act: The Union Budget 2018 has announced an immediately effective increment in the deduction limit on premium payments of health insurances. From Rs. 30,000, the deduction limit is said to go up to Rs. 50,000. However, for citi...
Section 80D mediclaim This income tax section allows you to deduct medical expenses for yourself or dependent family members. However, a maximum of Rs. 35,000 can be claimed as an income tax deduction under Section 80D. This includes a maximum of Rs. 25,000 for self and dependent family ...
All freelancers must pay their income taxes as per the applicable slab rates on their specific income range. They also have to file the ITR for freelancer for presumptive taxes under section 44ADA of theIncome Tax Act, 1961. The presumptive taxation scheme permits freelancers to pay income tax ...
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Furthermore, those with an annual income of more than Rs. 1 crore are subject to a 15% tax surcharge. Moreover, individuals with a total income of roughly Rs. 5 lakhs after certain deductions are eligible for a tax rebate of up to Rs. 12,500 under section 87A of the constitution. ...
SECTION -5 OF INCOME TAX ACT, 1961 (1) Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all incomes from whatever source derived which- (a) is received or is deemed to be received in India in such year by or on ...
Exemption under section 80C Rs. 1,50,000 Exemption under section 80D Rs. 25,000 Gross taxable income – (SD + Exemption) = Rs. 8,80,000 – (50,000 + 1,75,000) = Rs. 6,55,000 Net taxable income Rs. 6,55,000 Rebate (under section 87A) NIL Tax on total income Where the to...
Medical expenses can cause a significant dent in your budget. Health insurance helps by acting as a cushion during a medical emergency and save taxes too. Under Section 80D, you can request a deduction of the premium paid towards medical insurance up to a value of Rs 25,000. You can als...
Also Read:Can HRA & home loan tax benefit be claimed at the same time? Medical Insurance Premium u/s 80D Copy of Insurance Premium receipt paid Copy of receipt for Preventive Health Checkup for self, spouse, dependent children or parents ...