Health and Welfare

Fact Sheet-COVID Vaccine by Serum Institute..

To read the report..Click here ..

Details of Sainik Rest Houses located in various states:

For the complete list.Click here ..

( Courtesy: Dep. Of EX-Servicemen Welfare.)

Income tax deduction for rent paid-Section 80GG

Usually HRA forms part of your salary and you can claim deduction for HRA. If you do not receive HRA from your employer and make payments towards rent for any furnished or unfurnished accommodation occupied by you for your own residence, you can claim deduction under section 80GG towards rent that you pay.

Here are a few conditions that must be fulfilled –

• You are self-employed or salaried

• You have not received HRA at any time during the year for which you are claiming 80GG HRA component should not form part of your salary to claim 80GG.

• You or your spouse or your minor child or HUF of which you are a member – do not own any residential accommodation at the place where you currently reside, perform duties of the office, or employment or carry on business or profession.

• In case you own any residential property at any place, for which your Income from house property is calculated under applicable sections (as a self-occupied property), no deduction under section 80GG is allowed.

You will be required to file Form 10BA (not required to be submitted in online tax filing- e filing) with details of payment of rent.

Deduction –the lowest of these will be considered as the deduction under this section-

(a) Rs 5,000 per month

(b) 25% of the total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG).

(c) Actual rent less 10% of Income Do take benefit of this section – provided all conditions have been fulfilled by you.

(source:cleartax)

Income tax deduction under Sec 80D, 80DD, 80DDB for medical expenses.

Section 80D of the IT Act provides a deduction to the extent of ₹25,000 in respect of the premium paid towards an insurance on the health of self, spouse and dependent children.

Income Tax Act appreciates people for buying health insurance by allowing deduction on payment of premiums towards their insurance policies. Section 80D of the IT Act provides a deduction to the extent of ₹25,000 in respect of the premium paid towards an insurance on the health of self, spouse and dependent children. The section further allows a deduction for upto ₹25,000 for premium paid towards a health insurance policy of parents of the assessee. It does not matter whether parents are dependent or not.

Deduction for premium payment towards health insurance policy when parents are senior citizen:

Section 80D of the Income Act provides an increased deduction of ₹50,000 in case any the parents of the assessee are senior citizens. An individual resident in India of the age of 60 years or more at any time during the relevant previous year is treated as a senior citizen.

Deduction in respect of payment towards preventive health check-up:

Section 80D of the IT Act allows a deduction of up to ₹5,000 in respect of payment made towards preventive health check-up of self, spouse, dependent children or parents made during the previous year. Payment on account of preventive health check-up may be made in cash. The deduction of ₹5,000 is counted within the overall limit of ₹25,000 or ₹50,000 as the case may be.

Deduction in respect of expenses towards medical treatment:

Section 80DDB allows tax deduction on expenses incurred by an individual on himself or a dependent towards the treatment of specific diseases as stated in the act. The deduction amount can be availed for the sum actually paid or ₹40,000, whichever is lower. The maximum deduction amount in case of a senior citizen is ₹1 lakh. The amount of deduction shall be reduced by the amount paid by an insurance company or reimbursed by the employer.

Deduction for medical treatment of a dependent who is a person with disability:

Sections 80DD of the Income Tax Act covers deduction for the medical expenditure incurred for self or for a dependent person. A dependent person can be spouse, children, parents, brothers and the sisters of the assessee.

A deduction up to maximum of ₹75,000 will be allowed under the section. The maximum deduction limit increases to ₹1.25 lakh in case of cases of severe disability. Severe disability means where the disability percentage is 80% or more.

( source: Livemint)

Income Tax Return filing date extended upto 31 Dec 2020.

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020. "The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020," CBDT said in a statement.

Click to know more..

Sovereign Gold Bond Scheme 2020-21

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from October 2020 to March 2021 as per the calendar specified below:

( If you want to buy Gold coin for your future use..say after 5 to 8 years..then instead of buying coins from jewellers.You can opt for this Sovereign Gold bonds.

The main advantage of these bonds are :

You can get units equivalent to 999 purity gold rate on purchase.You will get 2.5% simple interest also for 8 years for the amount you invested in the bond.

The lock in period is 8 years. After that you will be credited 999 Purity Gold rate of that time for the units you bought.

No headache of preserving the gold coins in your lockers if you buy them.This is a good alternative for gold coins.Moreover you save GST of 3% which you pay for Gold coin.

Bank loans can also be taken by keeping this Bond as collateral subjected to bank norms.

These bonds can be kept in demat form and tradable in stock markets.

It is easy to subscribe for these bonds by net banking facility and Rs 50/ discount per gram( unit) is given for electronic mode of purchase.

You can contact your bank for further details and fill physical form also for bond purchase.

when you give your E mail id, the bonds will be sent to your mail id by RBI and it will be available in your net banking site also.

For ex: if i buy 1 unit of Gold bond on the day of subscription..say the rate is 5000/ per gram of 999 purity gold on that day, then a bond will be sent to me for 1 unit of 999 purity gold. Every 6 months i will be credited a simple interest of 62.5/ for my 1 unit.

After 8 years, if the 999 purity Gold rate of that time is say 7000/gm, then I will get 7000/ credited into my account for 1 unit of bond. If price of Gold is less say 4000/gm, then, only that 4000/ per unit will be credited. The idea is the prevailing rate of that time will be given for our bond units...

Since Gold rate is fluctuating these days..it is advisable to buy the units in parts in dec, jan, feb, mar..and in future so that you get average rate altogether on your total bond holdings.)

(Web Administrator)