14 Deductions under Direct Tax Code every individual should know about .

The most popular item of tax laws are deductions which are tools for saving tax. Under Direct Tax code 2010, the deductions are called “tax incentives” and major deductions allowed under chapter VI-A of I.T.Act is being carried on in even Direct tax Code .

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Maximum deduction on life insurance, medical insurance & tuition fee restricted to just Rs 50,000 !

Direct Tax Code 2010 has three section 70, sec.71 & section 72 which deals about tax incentive (read deduction ) on premium paid on life insurance, mediclaim and payment of tuition fee respectively. Each section has its own conditions to be fulfilled in order to claim deduction (read incentive ) . However, there is section…

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How a new condition make you ineligible for claiming deduction u/s 78 (read 80DD) .

Section 78 of Direct Tax Code 2010 are equivalent to section 80DD. Section 78 provides deduction for expenditure and insurance on treatment , nursing and maintenance of disable dependant person.

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