Section 80D Explained Fully | Income Tax Deduction of ₹ 1,00,000 | How To Save Tax In India 2021

#NeerajArora #StockMarketForBeginners #NeerajAroraStockMarket

Hi guys!
In this video we will be talking about some of the deductions that you claim that are in accordance as per Income Tax Act, 1961

We will be discussing some of the ways by which you can claim upto ₹ 1,00,000 in deductions and save your tax every year while protecting your family and your loved ones with the help of Term Insurance & medical plans.

Standard Deduction is a set deduction from a person's pay, irrespective of their position in the organization. Since a specific sum is withdrawn from the annual salary, the taxable income is decreased, and the level of tax paid is reduced too. Standard Deduction is accessible to salaried employees and retirees.

Section 80C is one of the most well or popular sections among taxpayers as it allows them to reduce overall taxable income by making tax-saving investments or incurring qualifying expenses. It allows a maximum deduction of Rs 1.5 lakh from the total income of the taxpayer every year.

A maximum of Rs 5,000 can be claimed under the preventive health check. However,  if it is within the actual number permitted under Section 80D. Furthermore addition, the overall cost of a preventive health check-up both for self and the parents cannot exceed Rs 5,000.

You and/or your parents can escape liability if you and/or your parents are elderly people (over 60 years old) and are not covered by every medical insurance but have incurred medical expenses during FY2019-20. The highest amount that can be withdrawn is Rs 1,00,000. (Rs 50,000 in respect of assessee and his family and Rs 50,000 in respect of parents).

If you find these things interesting you can watch the whole video to know more about other ways of saving tax and protecting your loved one with term insurance and other health insurance plans and medical coverage schemes that are tax-deductible.

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Disclaimer: We are not SEBI registered investment advisors. This video is only meant for educational purposes and nothing constitutes investment advice.

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