Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: empanelment :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

I-T to allow mediclaim payment through credit card
March, 12th 2007

The Income Tax department would allow payment of mediclaim premium through credit card, debit card or any other electronic mode eligible for deduction for tax purposes once the Finance Bill 2007 is passed.

The Finance Bill 2007 once passed, will bring necessary modifications in the Income Tax laws to include payment of health insurance premium eligible for deduction from the total income.

Currently, the practice is that deduction can be claimed if the premium is paid either by cheque or cash. But, with rapid use of plastic money and online banking, the ministry felt it was necessary to include these modes of payment for claiming deduction.

Union Finance minister in his recent budget proposed to amend the provisions of Sec 80D and clause (IB) and sub-section (1) of section 36 to provide that payment of premium made in any mode other than cash shall be eligible for deduction.

This modification would pave way to allow deduction for payments made through electronic mode like credit cards. The budget also proposed to raise the limit of deduction to Rs 15,000 from Rs 10,000 and for senior citizens the limit as revised to Rs 20,000 per annum.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions