Refer to the Tax Benefits page for the information on the required documents to be submitted as proof of your investments.
House Rent Allowance (HRA)
Can I claim HRA without a rent receipt?
Yes, if your HRA is up to INR 3,000/- per month, you can claim HRA without rent receipts. But, you can not claim HRA without rent receipts when your HRA exceeds INR 3,000/-.When is the landlord PAN mandatory for HRA exemption?
In case of rent payment per annum is more than Rs 1,00,000 i.e. more than Rs. 8333 per month, the employee must provide the PAN number to the employer mandatorily.Can I claim HRA and a home loan?
Yes, you can claim HRA tax exemption and home loan tax deduction if you meet certain conditions.
1. You have availed a house on loan and you reside at a rented accommodation in another city.
2. You have availed a house on loan and you reside in the same city in a rented accommodation due to work or children’s schooling.
3. You have availed a home loan to buy an under-construction apartment/house and you live on rent elsewhere.How do I generate rental receipts?
One you can buy a receipt book from a stationery or use the link to generate one https://tax2win.in/tax-tools/rent-receipt
80C Investments
Maximum deduction allowed under section 80C?
Rs 1.5 lakh every year from the taxpayer's total income.
Note: The maximum deduction under Section 80C, 80CCC and 80CCD (1) put together is Rs 1.5 lakhs. However, you may claim an additional deduction of Rs 50,000 allowed u/s 80CCD(1B)Is term insurance exempted under section 80C or section 80D?
The term Life insurance is covered in section 80C, and the term medical insurance is covered under section 80D.
80 D Investments
Who is covered under this section?
Health insurance plans are taken for your benefit or your spouse, dependent children, or parents. It is important to mention that this deduction is over and above the claim availed under Section 80C.What is considered under 80D?
Medical insurance premium • Expenses made on preventive health check-ups • Medical expenses on the treatment of a senior citizen who is not covered under any health insurance scheme • A contribution made towards the Central government health scheme
Schemes | ||||
|---|---|---|---|---|
Policy for? | Deduction for | Deduction for parents | Preventive Health check-up | Maximum Deduction |
Self & Family | 25,000 | - | 5,000 | 25,000 |
Self & Family + Parents | 25,000 | 25,000 | 5,000 | 50,000 |
Self & Family (below 60 years) | 25,000 | 50,000 | 5,000 | 75,000 |
Self & Family + Parents | 50,000 | 50,000 | 5,000 | 1,00,000 |
What qualifies under Preventive health checkup?
Section 80D includes a deduction of Rs 5,000 for any payments made towards preventive health check-ups. This deduction will be within the overall limit of Rs 25,000/Rs 50,000, as the case may be.Medical Expenses for senior citizens
For the welfare of senior citizens (Resident + aged 60 or above) who don't have health insurance, a deduction of up to Rs. 50,000 can be claimed on the medical expenses incurred for them. However, if they already have health insurance and have made payments to keep it active, they won't be eligible for this deduction.What is not covered?
1. Health insurance premiums paid in cash are not eligible for tax deductions.
2. Premiums paid for siblings, grandparents, uncles and aunts are not qualified for tax deductions.
3. Premiums paid on behalf of working children are not eligible for Sec 80D deductions.
4. Group health insurance premiums paid by the employer are not eligible for deductions.
Telephone and Internet allowance
Can I submit the bills for 2 different numbers that I use?
Only a Unique number or unique WiFi connection bills can be considered.The connections are in the name of my father/Wife but I pay the bills, can I claim the tax?
No, the connects are to be registered in your name only as per the Axelerant recordsWhat is the maximum allowable amount in this section?
At Axelerant the max allowable amount is INR 30,000/-
80G- Donations
What documents are required as proof for 80G?
Stamped Receipt: The donation needs to be authenticated with a stamped receipt from the benefactor organisation.
Details required on the receipt:
1. Name of the Donee
2. PAN of the Donee
3. Name of the charitable organisation
3. Address of the Donee
4. Deducted & Contributed Amount
5. Name of the donor, amount donated, address, PAN of the benefactor of the donation, and registration number of the charitable organisation.