Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

TAX CONCESSIONS FOR AILING & DISABLED

Liberal deductions provided under the I.T. Act in respect of expenditure for medical treatment & maintenance!

 The Income-tax Act provides for special deductions in computing the taxable income of a taxpayer who is disabled or who is required to incur expenditure for the medical treatment, training or rehabilitation of a disabled dependent or any amount deposited for the maintenance of such disabled dependent.

Similarly deduction is also allowed to a taxpayer who is required to incur any expenditure for the medical treatment of specified diseases or ailments, either for himself or a dependent relative.

 DEDUCTION FOR PERSONS WITH DISABILITY

            Under the provisions of Section 80U of the Income-tax Act a resident individual suffering from a permanent physical disability (including blindness) or mental retardation, is allowed a deduction of Rs.50,000 in the computation of his taxable income. (more…)

Minus FBT Shock Pay Packets Rock!

Conveyance, Telephone, Entertainment & Medical Reimbursements Get Increasing Attention After FBT Abolition!

The notorious Fringe Benefit Tax (FBT) having been abolished with effect from 1st April, 2009, employers have started taking a fresh look at restructuring the pay packets of their employees to make them more tax friendly. (more…)

Powered by Epaperz.com | Hosted at HostADomainNow.com