Section 80G: Deductions on Donations
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
Deductions
Deduction under Section 80E – Interest paid on Higher Education
As per the provisions of Section 80E of the Income Tax Act, the interest paid on education loan paid on higher education (including vocational studies) can be claimed as a deduction from the taxable income.
know Tax benefits on health insurance and medical expenditure
In these unprecedented times, we all have realised that ‘Our Health is Our Wealth’ and in order to keep us protected from these uncertain times, we have taken every possible measure to meet the medical expenditures, if needed. Further, to promote health planning and well being of the people, Section 80D of the Income Tax Act was introduced by the legislature. This section allows deductions on the health insurance and medical expenditures incurred by the persons. Through this, double benefits are provided to persons – one to the policy holder or his family members and the other is tax benefit to the person.