Tax Saving Options Fy2012-2013

8/13/2019 Tax Saving Options Fy2012-2013

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*Here are some other avenues where you can save tax (other than Section 80C) :*

*80D Deduction in respect of heath insurance premium (upto !s "0000)*

Deduction upto *!s #$000* is aowed for any medica insurance premium paid for

yoursef% spouse% dependent chidren% parents& 'f any of parents is senior citien% then

deduction upto !s "0000 is aowed&

ease note that payment has to e made y any *mode other than cash* i&e& y

che+ue% credit card% deit card etc&

*80DD Deduction in respect of maintenance incudin, medica treatment of adependant who is a person with disaiity& (upto !s # a-h)*

Deduction of *!s $0000* is aowed a,ainst any expenditure for the medica treatment(incudin, nursin,)% trainin, and rehaiitation of a dependant% ein, a person withdisaiity or any amount paid or deposited scheme framed in this ehaf y the'nsurance Company&

.he deduction wi increase t*o !s # a-h%* where such dependant is a person with

severe disaiity&

.his deduction is aowed for yoursef% spouse% chidren% parents%

rothers and sisters&

Disaiity: / person with disaiity means a person sufferin, from not ess than 01 ofany of the eow disaiities&

* 2indness

* 3ow vision

* 3eprosy4cured

* Hearin, impairment

* 3ocomotor disaiity

* 5enta retardation


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* 5enta iness

* /utism

* Cerera pasy

* 5utipe disaiities

Severe disaiity means 801 or more of one or more of the aove disaiities&

*80DD2 Deduction in respect of medica treatment% (upto !s 60000)*

.he actua expenditure incurred on treatment of specified disease such as /'DS%

cancer% neuroo,ica diseases% etc&% is deductae to the extent of 0%000 or the actua

expense whichever is ower&

.he imit is increased to 60%000 in case of expense incurred for a senior citien&

.his deduction is aowed for individua% the spouse% chidren% parents% rothers and

sisters&

/s per !ue ##DD 7or the purposes of section 80DD2% the foowin, sha e the

ei,ie diseases or aiments :

(i) euroo,ica Diseases where the disaiity eve has een certified to e of 01

and aove%9

* Dementia

* Dystonia 5uscuorum Deformans

* 5otor euron Disease

* /taxia

* Chorea

* Hemiaismus

* /phasia

* ar-insons Disease


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(ii) 5ai,nant Cancers

(iii) 7u 2own /c+uired 'mmuno4Deficiency Syndrome (/'DS)

(iv) Chronic !ena faiure

(v) Hematoo,ica disorders :

* Hemophiia

* haassaemia&

*80; Deduction in respect of interest on oan ta-en for hi,her education&*

'nterest paid on an education oan ta-en for hi,her studies or vocationa curses +uaifies

for deduction under Section 80; of the '4. /ct& .he deduction is aso avaiae wherethe oan is ta-en for the purpose of hi,her education of spouse or chidren of the

individua or the student for whom the individua is a e,a ,uardian

.he oan shoud e ta-en from any financia institution or any approved charitae

institution for the purpose of hi,her education& *3oan from famiy memers < reatives

are not ei,ie for deduction&*

.he deduction enefit on interest is aowed for maximum ei,ht years% or ti the interest

is fuy paid&

*80= Deduction in respect of donations to certain funds% charitae institutions% etc&*

Deduction is aso avaiae for donations made to certain funds% charitae institutions

etc&

>ou can ,et $01 or #001 deduction dependin, on the charitae institution you

choose& 7or instance% money ,iven to certain funds i-e the ationa Defence 7und% the

rime 5inister?s ationa !eief 7und and the Chief 5inister?s !eief 7und en@oy #001

deduction& An the other

hand% =As such as Hepa,e 'ndia% C!> etc ,ive you ony $01 deduction&


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*So% it?s a ,ood idea to find out how much deduction is avaiae efore you donate&*

/thou,h% there is no ceiin, on the amount that can e caimed as deduction% in some

cases the tota deduction is imited to #01 of the ,ross tota income of the donor&

.he foowin, su4section ($D) sha e inserted after su4section ($C) of section 80=

y the 7inance /ct% "0#"% w&e&f& #44"0#B:

($D) *o deduction sha e aowed under this section in respect of donation of any

sum exceedin, ten thousand rupees uness such sum is paid y any mode other than

cash&*

*80== Deductions in respect of rents paid *

>ou can caim a d*eduction for rent paid to the extent of "%000 per month* even if you

don?t receive H!/ from your empoyer or you are sef4empoyed& .his deduction%

avaiae under Section 80==% is su@ect to some conditions&

Deduction to the extent of !s "%000 per month or "$ per cent of tota income (whichever

is ess) is avaiae under Section 80== of the '4. /ct

*'nterest paid on a second home oan is fuy deductie*

5ost peope -now that a deduction of up to !s #&$ a-h a year for the interest paid on

home oan can e caimed&

/so% if the taxpayer uys a second house throu,h another home oan and ,ives it on

rent% the *entire interest paid on this second home oan durin, a ,iven year can e

caimed as deduction*& 'f you have more than one house% any one is deemed to e

rented out& So the interest income on

the home oan for that house can e caimed entirey for deduction% provided the renta

income or deemed income is taxae&


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*How to Caim these deductions*

'f you have incurred any of the expenses aove% *you shoud caim deduction whie fiin,

your income tax return&*

ow4a4days% you cannot attach receipts of donations% expenses investments etc ut

-eep these in your safe records in case they are ater as-ed y 'ncome tax department&

7or previous year% *you can revise your return&* !evised return can e fied for any

previous year at any time efore the expiry of # year from the end of the reevant

assessment year or efore competion of the assessment whichever is earier&

Documents

Tax Saving Options Fy2012-2013