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Under Section 80D you can claim a deduction upon health insurance premium paid. This deduction is available only to Individuals and HUF. You can claim this deduction upto Rs. 25,000 for yourself, your spouse, and your children.  Under this section, you can claim an  additional deduction of Rs 25,000  upon the insurance premium paid for your parents. Under this, you can claim deduction  upto Rs 50,000  upon payment of insurance premium if the age of your parents is  60 years or more. However, if the age of the Assessee (taxpayer) and parents is 60 years or more the deduction limit is up to  Rs. 1,00,000 . The above table will help you to understand this concept in a better manner;   Section 80DD: Under Section 80DD you can claim a deduction upon the  expenditure of medical treatment of a disabled dependent person . A dependent person can be a spouse, children, parents, brothers and sisters of the assessee. Under this sectio...

 Have you ever heard about Capital gains tax? I guess people other than CA guys may not know. But don't worry. You don't have to start searching about it everywhere on the internet. Let me make it easy for you. In simple and layman's language, It's a section which saves lacs of your tax and your tears too. From the reference of this section, you can not only save your hard-earned money but your parent's money too typically after their retirement.  Many people sell their property like flats or houses and a heavy tax is being levied on them. The amount is as much as you can purchase at least an iPhone 12 from that tax. But moreover, it depends upon the sale price of your house.  How this section works on your tax savings  Applicability - first of all, this section only applies to residential properties. When you sell your residential property and purchase another residential property against the money you got from the sale. Under this case, you will get an exempti...

  1) Prerequisite for Individual Users ? Before taxpayers start registration, ensure the following details should be hand-in-hand. Valid PAN Valid Mobile Number Valid Current Address Valid Email Address, preferably your own Registration Process-  Perform the following steps to register as an 'Individual User': 1 - Visit the ‘e-Filing’ Portal  https://www.incometax.gov.in/iec/foportal/ ​ 2 - Click the‘ Register Yourself' button at the Home Page's right side . 3 - Select the user type as  ‘Individual’ . Click Continue 4 - Provide basic details below Provide the following basic details: PAN Surname, First Name and Middle Name Date of birth Residential Status    Click ‘Continue’ Fill in the following mandatory details: Password Details Contact Details Current Address Click ‘Submit' 5 : After registration,      For Residents, a six-digit OTP1 and OTP2 will be shared on your mobile number and email ID, specified      at the time of r...