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Pls tell me something about income tax rules 80c 80d arrears and all?


Pls tell me something about income tax rules 80c 80d arrears and all?

Details for 80c. (Max. Deduction Rs.1 lakh)
http://www.rediff.com/getahead/2005/dec/...

Details for 80D.(Max. Deduction Rs.10,000/Rs.15000)
Contributions paid for medical insurance eligible for tax benefits under section 80D of the Act

1. Category of assesses allowed deduction : Individual assessee and Hindu Undivided Family assessee .

2. Eligible premiums : Premiums paid by assessee by cheque out of his taxable income to effect or to keep in force an insurance on the health of following persons:

- In case of individual assessee - Himself/herself, spouse, dependant children and dependant parents.
- In case of HUF assessee - any member of HUF

3. Deduction and upper limit : The qualifying amounts under Section 80D is upto Rs 10,000/- per year. However, a higher deduction amount of upto Rs 15,000/- is permitted if the person, for whose health insurance the premium was paid, was aged 65 years or more at any time during the financial year in which the premium was paid. Such amounts of premium paid would be allowed as deduction from the total income of the assessee.

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