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When is tax deducted in each tax year?

For I Tax ,mediclaim premium, I paid premium Rs.7600/-this year ,is 100% deducted or any provision is there.?

  • I paid premium Rs.7600/-,my tax consultant deducted only 20% of this but in previous year it was 100% deducted from my total income. I hv doubt,thats why I asked this question.............pls reply.---Thnx

  • Answer:

    Tax benefits are also available for Mediclaim policies under Section 80D under the income tax act where upto Rs 10,000 premium paid for such policies is eligible for 100%deduction. Individuals can therefore, get the most out of such policies by maximising the medical cover.

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Medical health premium is exempt under the section 80D of the Income Tax Act. The exemption is available for an Individual and HUF. Premium up-to 15000 in case of individual is exempt from taxable income (5000 extra for senior citizen)

ankit setia

Rs.7600/- can be deducted 100%, provided your total deductions under 80c is upto Rs.1,00,000 good luck [email protected] http://www.geocities.com/pnkmurthy/lic.html

toknowmore

You can download an useful document detailing the tax exemptions available to an employee under the Income Tax Act from the link below http://firstappeal.com/view_topic.php?id=793&forum_id=18

prakunna

Yes, its 100% deductible upto Rs 15000 p.a.

amit k

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