Section 80D Deduction – All You Need To Know

Medical emergencies often crop up unexpectedly. It is better to stay prepared beforehand than regret later. The same holds true for health insurance. A necessity these days, health insurance should definitely feature in your investment portfolio. The Indian government encourages every individual to purchase health insurance and permits you to save on taxes under Section 80D. Many people may have heard of tax deductions under Section 80D, but do not have a clear idea of the scheme. For those, here are some essential information regarding Section 80D deductions. What is…

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Section 80CCC – Income Tax Deduction Under section 80CCC

As a taxpaying Indian citizen, you might always look for different ways to reduce your taxes. You can claim tax deductions under different sections of the Income Tax Act such as 80C, 80CCC and 80CCD that will help to reduce your tax outgo. The popular option for most people to save on taxes is Section 80 C along with 80CCC. The main intention of obtaining taxes from the citizens by the government is to provide proper public services. But if you end up paying a significant amount of your earnings…

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How to Check Income Tax Refund Status?

An income tax refund is an amount that you can get if you have paid a higher amount of tax against your liability to the government in any financial year. It is paid to you by the income tax department. One can easily put in a claim to get the income tax refund. There are more chances of you to get the income tax refund if you have made an advance payment upon self-assessment. You can also get the income tax refund if your tax liability is lesser than your…

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How to Calculate Income Tax?

The Government of India levies income tax on both individuals and business organizations. The income tax is collected annually in accordance with the slabs determined in the budget for the financial year. Taxpayers are required to file their income tax within the deadline set by the government. When it comes to tax assessment, many people term it complicated and confusing. Here’s a guide on how to calculate income tax! Knowledge of Tax Slabs It is essential to know about the slabs according to which one needs to pay income tax.…

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