Deduction U/s  80 DD and 80 DDB. A person with a disability is a reduction in maintenance including dependence treatment [Section 80 DD] (i) Eligible Assessor

 

These deductions for any person who is a resident of India or approved for HUF.

 

The deduction will be allowed a fixed discount of seventy-five thousand ((Rs. 5,000)) from his total income of the previous year.

 

(i) A deduction of Rs. 1,25,000 / - will be given to such dependents where there is a severe disability.

 

(ii) Terms

 

(A) Deduction are allowed if they are spent:

 

Expenses for medical treatment (including nursing) and rehabilitation of a dependent, being a disabled person or a payee or any  amount deposited under the schedule laid down by the Life Insurance Corporation or any other insurer or UTI administrator Specific agencies.

 

(B) In the above-mentioned scheme, in case of death of a person or a member of a Hindu undivided family, provision has been made to pay an annual or single amount for the benefit of a dependent who is a disabled person whose name has been subscribed to this scheme.

 

 

(C) The assessor nominates a person with a disability, a person with a disability or any other person or a trustee as a trust for disbursement of money on his behalf for the benefit of the dependent.

 

 

(D) If the dependent is a person with a disability, a member of the Hindu Undivided Family or a pre-determined amount equal to the amount paid or deposited as before shall be deemed to be the income of the previous assessor that this amount is received by the assessee in the year and Will apply.

 

(E) A copy of the certificate issued by the medical authority in the prescribed form and manner assessed by the assessor seeking exemption under this section and in case of a refund of income under section 139, the assessment shall send the exemption in the year.

 

 

The condition of persons with disabilities is that in case of necessity to reassess the amount after the time prescribed in the aforesaid certificate, any assessment relating to any previous year under this section will not be allowed after the expiration of the aforesaid certificate. No new certificate is obtained unless determined and a copy is not provided with the return of income.

Download and Prepare at a time 50 Employees Form 16 Part B in Excel for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC

Exclusion in Medical Treatment etc. (Section 80DDB)

 

(i) Eligible Assessor

 

 

This exemption is allowed to any person or HUF who lives only in India

 

(ii) Terms

 

(A) has actually paid any amount for the treatment of any disease or illness mentioned in the regulations issued by the Evaluating Board.

 

 

(B) In the case of an individual person conducting the assessment, the cost shall be borne by himself or the dependent

 

 

(C) Expenditure for any member of any assessing Hindu Undivided Family may be Hindu Undivided Family.

 

(d) "Dependent" means:

 

In the case of any person, spouse, children, parents, siblings or any one of them,

Download and Prepare at a time 100 Employees Form 16 Part B in Excel for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC

 

 

In the case of Hindu undivided families, Hindus are members of undivided families.

Complete or essentially dependent on this national or Hindu undivided family for its support and maintenance

 

Support and maintenance.

 

(iii) Discount rate for (a)

 

The amount spent by a ‘non-senior patient’ (under 60 years of age); Or 40,000 per year, which is less than the previous year, in the fact this amount was paid.

 

 

(B) a 'senior citizen' (age 60 years or more)

 

In the case of any member of the Hindu undivided the family who is actually assessing the amount paid or his dependents or valuers and who is a senior citizen, a rebate of ড 100,000 will be allowed under this section.

Download and Prepare at a time 50 Employees Form 16 Part A&B in Excel for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC

 

"Senior Citizen" means an individual resident in India, who is sixty years of age or older at any time during the relevant previous year.

 

(iv)Treatment of Medical Insurance Claims Received The amount of exemption under this section should be reduced by the amount paid for the treatment received by an insurer under insurance, or for the treatment of a person provided by an employer.

 

 

(v) Duplicate copy of prescription [Option of First A provision in Section 80 DDB] Exemption under this section shall not be allowed unless one receives a copy of the prescription for such treatment from an evaluating neurologist, an oncologist, urologist, a haematologist, or an immunologist. Any other specialist may be prescribed as such

 

(vi) Diseases granted u / s 80DDB [Rule 11DD]

 

Neurological diseases:

 

(A) Dementia

 

(B) Dystonia muscular deformity

 

(C) Motor neurone disease

 

(d) Ataxia

 

(E) Korea

 

(F) Hemiblimus

 

(G) Aphasia (h) Parkinson's disease

Cancer

 

Fully acquired acquired immuno-deficiency syndrome (AIDS)

 

Chronic renal failure

 

Hemophilia

 

Thalassemia.

 

Download and Prepare at a time 100 Employees Form 16 Part A&B in Excel for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC

 

On April 02, 2021 by www.taxexcel.net

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Tax exemption U/s 80D for the F.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC.

One of the most common expenses of the common man is medical / health insurance/health insurance premium if the tax is paid in the previous year outside the taxable income and is paid by any mode other than cash, then health insurance discount is allowed. Health insurance discounts are approved for individuals and HUFs. It agrees to the treatment / the health insurance premium paid for the notification schemes accepted in the case of certain persons:

A) Provided by individual

For: self, wife, dependent children

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B in One Excel file for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC.

Eligible scheme

(A) the medical insurance policy of the GIC (approved by the Central Government) or any other insurer approved by the IRDA; Or

(B) Contributions of the Central Government Health projects or such national health projects may be informed by the Central Government.

(C) Preventive health check-up for: Parents 

I. Medical insurance policy or individual, wife and dependent children policy and contribution to CGHS 

At least 2 discounts will be allowed:

(1) The assessor, his / her spouse and all dependent children are kept together and deposited in any mode other than cash for the amount of preventive health examination and the amount of the preventive health, the examination is up to Rs. 5,000 and contributed to CGHS. Or 

(i) Rs. 25,000 (Rs. 50,000 for senior citizens). 

II. Medical insurance policy or parental or parental policies

You may also, like- Automated Income Tax Revised Form 16 Part B in Excel for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC. 

At least 2 deductions will be allowed:

 

Deposit of actual premium in any mode other than cash for parent/guardian medical insurance policy and preventive health check-up. Parents may or may not be dependent on the determinant. Or

 

(ii) Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF

H.U.F. In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

You may also, like- Automated Income Tax Revised Form 16 Part B in Excel which can prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC. 

Assessors will be allowed discounts for husband, wife and children’s medical insurance as well as discounts for parents. 2014-1. From the assessment year onwards, any amount paid to health insurance will be paid 

Other notified projects will also be eligible for exemption under this section within the existing limits

 Fourth. Medical expenses for senior citizens (age 60 years or older)

If a senior citizen does not receive health insurance coverage (sometimes insurance companies do not provide such coverage to senior citizens), senior citizens shall be allowed a maximum discount of Rs. 50,000 on any payment for medical expenses incurred. One parent is medically insured and the other is not medically insured as a senior citizen, but will have to bear the cost of treatment, health insurance premiums and overall discounts on medical expenses will be allowed but limited to Rs.500 only. 50,000

 Please note for this section-

 i) 'Senior Citizen' means any individual resident in India who is 60 years of age or older at any time during the relevant previous year.

 ii) 'Family' means the wife of the assessor and the dependent children.

 In addition, if a single premium health insurance policy is adopted for a period of more than one year, discounts will be allowed on a proportional basis subject to the financial limits mentioned.

Automated Income Tax Revised Form 16 Part B in Excel which can prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC.

On April 01, 2021 by www.taxexcel.net

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5 new rules are being introduced in the income tax in April 2021. Changes have been made in the field of income tax in line with the new labour and wage policy. 

Union Finance Minister Nirmala Sitharaman announced several new policies on income tax in the Union Budget. The new policy is going to be effective from  1st April 2021.

 

A number of new policies are being introduced to ensure that more citizens file their income taxes on time. That is why the new tax policy is being introduced in the case of PF. Besides, the Union Finance Minister has also announced an increase in TDS and TCS. Not only that, changes have been made in the field of income tax in line with the new labour and wage policy. The Union Finance Ministry has also tried to facilitate the process of paying income tax. Pre-field income tax return application is being introduced.

 

Take a look at what changes are coming from April 1:

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1) Benefits for Senior Citizens:

Those aged 65 and above who are dependent on full pension and bank interest money for income does not have to file income tax returns. The money will be deducted from the bank where they get their pension.

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2) Pre-filled Income Tax Return Form:

Every taxpayer will get a pre-field income tax return form. This means that all the information of the taxpayer will be filled in the form beforehand. All the information like income, interest income from savings, payment of tax etc. will be mentioned there in advance. So the tax payment process will be easier.

Download Automated Income Tax Revised Form 16 Part A &B and Part B which can prepare One by One Form 16 for the F.Y.2020-21

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3) New tax policy for PF:

If more than Rs 5 lakh is deposited on behalf of the employee for PF, the tax will be applicable from now on. Tax will be levied on the interest accrued on deposits above Rs 5 lakh. However, in this case, the money that the employer is depositing will not be caught.

In the words of the Union Finance Minister, 'The new EPF policy should be done keeping in mind the interests of the workers. This policy will not have any effect on a person earning less than Rs 2 lakh per month.

4

4) TDS:

In this case, the main purpose of the new policy is to encourage more citizens to file income tax. In this year's budget, the finance minister has announced an increase in TDS and TCS.

The Union Finance Minister also announced the addition of two new sections, 206AB and 206CCA, to the Income Tax Act in the budget. According to this policy, those who do not file income tax will be deducted TDS and TCS at an extra rate.

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5) LTC:
In the Union Budget 2021, the Finance Minister announced tax exemption on Leave Travel Concession (LTC). The centre announced the policy during the Corona Lockdown last year. This year the workers will get the whole money. Basically, government employees will benefit from this.

 

Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC

On March 31, 2021 by www.taxexcel.net

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