Deduction for Medical Treatment of Prescribed Disease or Ailment [Section 80DDB] • Deduction is allowed for amount incurred on medical treatment of specified diseases or ailments. • An individual can claim deduction for medical expenses for himself or a dependent person (spouse, children, parents, and brothers and sisters). • Hindu Undivided Family (HUF) can claim… Read More »
Deduction for Medical Treatment of Person with Disability [Section 80DD] • Deduction is allowed to a resident individual or Hindu Undivided Family (HUF) who incurs medical expenditure or pays insurance premiums for the benefit of a dependent family member suffering from disability. • For an individual assessee, dependent means spouse, children, parents, brothers, or sisters wholly or… Read More »
Deduction in Respect of Health Insurance Premium [Section 80D] Deduction is allowed for amounts paid for health insurance policies, preventive health check-ups, contribution to Central Government Health Scheme (CGHS), and medical expenditure. Deduction can be claimed by an individual for himself, family (spouse and dependent children), or parents. HUF is allowed deduction for amount incurred… Read More »
Deduction for Contribution to Agniveer Corpus Fund [Section 80CCH] • Individuals enrolled under the Agnipath Scheme (Agniveers) are entitled to claim deduction for contributions made to the Agniveer Corpus Fund. • Full amount contributed by the Agniveer during the financial year is deductible. • Contribution made by the Central Government to the Agniveer Corpus Fund… Read More »
Gemini API File Search is now multimodal Gemini API File Search is now multimodal Today, we are expanding the Gemini API’s File Search tool. You can now build retrieval-augmented generation (RAG) systems with multimodal data and custom metadata. We’re also introducing page citations to improve grounding and transparency. Whether you are prototyping a weekend project… Read More »
Deduction for Contribution to Pension Scheme [Section 80CCD] • An individual (resident or non-resident) can claim deduction for amount contributed to the National Pension Scheme (NPS), Atal Pension Yojana (APY), or NPS Vatsalya Scheme. • Maximum deduction of Rs. 1,50,000 can be claimed for contributions to own NPS account and APY under Section 80CCD(1). Deduction is allowed up to lower… Read More »
Contribution to Pension Fund of Insurance Companies [Section 80CCC] • Any individual (resident or non-resident) who has made payment or deposit under an annuity plan of LIC or any other insurer for receiving pension can claim deduction. • Deduction allowed is the lower of actual amount paid/deposited or Rs. 1,50,000. • No deduction for interest or… Read More »
No Deduction to Members if Allowed to AOP or BOI Section 80A prescribes that if an AOP or BOI is allowed deduction under Section 80G, 80GGA, 80GGC, 80-IA, 80-IB, 80-IC or 80-IE, no deduction shall be allowed to members of such AOP or BOI on income shares. Investment Linked Deductions [Section 80C] An Individual or Hindu Undivided Family (HUF) is eligible to claim deduction up… Read More »
Conditions for Claiming Deduction • Assessees must file returns on or before due dates to claim deduction under Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IC, 80-IE, 80JJAA, 80LA, 80QQB, 80RRB. • Certain deductions require filing audit or certification reports in prescribed forms such as Form 10CCB, 10CCC, 10CCD, 10CCE, 10CCF, 10DA, etc.
Who Cannot Claim Deduction? Alternative Tax Regime Allowed to Deduction allowable under Chapter VI-A Section 115BA Domestic Company Section 80G, 80GGA, 80GGB and Section 80JJAA Section 115BAA Domestic Company Section 80JJAA, Section 80M and Section 80LA(1A) Section 115BAB Domestic Company Section 80JJAA and Section 80M Section 115BAC Individual/HUF/AOP/BOI/AJP Section 80CCD(2), Section 80CCH(2), Section 80JJAA and Section 80LA(1A) Section 115BAD Resident Co-operative Society Section 80JJAA and Section 80LA(1A) Section 115BAE Resident… Read More »