Life Insurance Life insurance plays a crucial role in providing financial security and protection to individuals and their families against unforeseen circumstances such as death, disability, or critical illness. Overview of various aspects of life insurance in India: Types of Life Insurance Policies: 1. Term Insurance: Provides coverage for a specific period (term) and pays… Read More »
Non-statutory deductions Website link Non-statutory deductions: It also known as voluntary deductions, are deductions that are not required by law but are made from an employee’s wages or salary at their request. Examples include: 1.Health and life insurance premiums 2.Retirement plan contributions 3.Union dues or professional association fees 4.Charitable contributions 5.Wage advances or loans 6.Uniforms… Read More »
Difference between 80C vs 80CCD Website Link: Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as… Read More »
Tax benefit under Section 80C Tax benefit under Section 80C: Under Section 80C of the tax laws, certain investments and expenses are eligible for tax benefits. Here are some examples of investments and expenses that qualify: Life Insurance Premiums: Premiums paid towards life insurance policies, whether for yourself, your spouse, or your children,… Read More »