Tax Deductions
We, always spend our money when it's required .sound same for tax saving proof. nowadays,most of all salaries/self employee are working for collecting/submitting tax saving proof to employer, time period is JAN-FEB peak month for tax saving proof. So, let's understand which are the tax deduction available as per indian tax rule and it's little nature. 80C Nature of Deduction: This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs.1 lakh only. 80D Nature of Deduction: Payment of medical insurance premium. Deduction is available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for insurance in respect of parent/ parents of the assessee. Remarks: The premium is to be paid by any mode of payment other...