TAX BENEFIT WITH AN INSURANCE
Total income from all the heads of income is called as "Gross Total Income" (GTI). To arrive at taxable income, one has to deduct from GTI, the deductions allowable (i.e., under sections 80C to 80D).
Buying medical coverage is one of the best investments that you can make to cover your medical expenses. If you are worried about paying the minute cost of your health insurance premium, imagine how you will manage to pay for expensive medical treatments in case of hospitalization. The government offers tax benefits on health insurance premiums under Section 80D of the Income Tax Act to encourage people to add medical coverage to their insurance.
Section 80D of the Income Tax Act, 1961 allows eligible taxpayers to avail of tax deductions on the total premium paid towards health insurance in a financial year. It is available on regular health insurance premiums and the premiums paid for top-up and critical illness plans.
Eligible to avail of tax benefits under Section 80D if you pay a premium towards the health insurance policy for yourself, your spouse, children, and parents (including senior citizens). In addition, if you are paying for the expenses incurred on the preventive health check-up, a deduction under Sec 80D will also be available. Moreover, in case your super senior citizen parents do not have a health insurance policy in place, you can still avail of tax deductions on their medical treatments and health check-ups.
Life insurance policies are useful tax planning tools because the policyholder is eligible for tax benefits under the Income Tax Act (1961). There are multiple modes for saving tax, but life insurance is one of the most effective tax planning instruments. the primary and essential requirements of ensuring a financially balanced and comfortable life for your loved ones. The capital benefits that come with life insurance help your family build a safe and safeguarded future, even in your absence.
There are income tax benefits on life insurance. Section 80C of the Income Tax, including Sections 80CC, prescribes a combination of activities. If you want to utilize your income in some of these activities during the Previous Year (PY) you can claim the amount as a deduction from your total taxable income for the PY. Section 80C provides deductions on various investments up to 1.5 lakh per year from your taxable income.
Ground Floor, No. G-A,
Sridevi Complex, NO 65,
CIT Nagar First main road,
Chennai - 600035.
Vizza insurance is the best Insurance Brokering company (General, Life & Term Life, Health, Motor) to be registered with the Insurance and Regulatory Development Authority (IRDAI).
Vizza understands that cost containment is key for its clients and has equal importance as that risk management. We work with you to understand your business first, then provide customized and innovative risk management and insurance solutions at the best terms from the market to help your business succeed.
Buy insurance from various insurers and also Compare policies in real-time and get the best insurance anytime.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release TAX BENEFIT WITH AN INSURANCE here
News-ID: 2735857 • Views: 668
More Releases for Income
Passive Income With Bitqt Trading Robot
Investment is unquestionably one of the most reliable techniques for establishing a strong and stable financial foundation. The introduction of various new trading possibilities every day is one of the key causes of trading among the best suppliers managing those risks' legacy. BitQT is a well-known trading robot with an app popular among internet business owners. Customers claim to earn hundreds of dollars every month by investing just $250. The robot can
Making Money With Residential Income Properties
LOS ANGELES, CA. You have heard time and time again “If I only had purchased that rental property, I would be worth millions today”. Years ago, I discovered that real estate was the best investment to control risk and create wealth. The Real Estate Digest reports that seven out of ten millionaires made their money in real estate, and Forbes magazine states that there is a three times greater chance
What is Foreign Earned Income Exclusion?
If you’re living or working in a country outside of the United States, then you might be paying foreign taxes. There are some taxes, like foreign property taxes, that you’ll probably have to pay in conjunction with your United States federal income tax. The Foreign Earned Income Exclusion (FEIE) is a U.S. tax law that ensures that qualifying U.S. citizens and residents can reduce the amount they owe in federal taxes
How to prepare income tax returns
Levy of income tax in India, is done according to provisions defined under the Income Tax Act and the rules made there under it is partially based on the residential status of citizen calculated by the number of days spent by him in the country . Moreover, calculation of his/her taxable income is also based on the total income received from various sources defined under the act which identifies whether
Germany’s Electronic Income Tax System Delayed
(Sunnyvale,CA) –The German finance ministry has delayed the launch of its new electronic income tax tracking system owing to technical problems. The delay of the electronic version of the ‘Lohnsteuerkarte’ document used by employers to process employee wages and taxes will have no effect on taxpayers, the German Finance Ministry said in a recent release. The new income tax tracking system - ELStAM, which was supposed to be in use from January
Hidden Taxes Strangle Fixed Income Investors
The robust end of the year trend has poured over into the New Year as January finishes with a strong start to the year. Oil and energy related equities continue to advance with a resilient trend in place. Investors are optimistic, right now, as they have been since March 2009. Starting with the US Dollar we see that it made lower lows, had lower highs, and closed lower for the week.