Individual: An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs...
Earlier, the tax deductions allowed for the NPS investments were only limited to Rs. 1 lakh. However, the same was amended in the budget of 2015 to encourage more people to invest in pension schemes. Amendments in the sections about NPS were announced in Budget 2015...
Are you looking to save up on your taxes? Do you have an allowance for rental payments? Then you should definitely look into understanding the House Rent Allowance (HRA) exemption and how it works! In this article, we’ll break down everything you need to know...
Whether you are an Indian or a non-resident Indian, you may be eligible for a tax rebate under section 87a of the Income Tax Act in India. However, you will need to understand the eligibility criteria and how to calculate the deduction. In the year 2013-14, the...
The world is currently fighting a global pandemic, the coronavirus Virus also known as the COVID-19. Originating from a meat market in the city of Wuhan, China, in late December of 2019, it has spread chaos all over the world now, with many people suffering from the...
