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Save tax in IndiaTax Benefits

Case Study: Durai’s Family and the Importance of Medical Insurance

Durai was a 35-year-old man who worked as an engineer at a local company. He had a wife and two young children. Durai and his family were leading a happy life until one day, his wife met with a severe accident while she was driving to work. She sustained multiple fractures and head injuries and had to be hospitalized immediately. Durai’s wife’s treatment required multiple surgeries and prolonged hospitalization. The medical expenses added up quickly and Durai soon realized that he would not be able to afford the treatment without help. Thankfully, Durai had purchased a comprehensive medical insurance policy for his family a few months ago. The policy covered all of his wife’s medical expenses, including hospitalization, surgeries, and rehabilitation. The medical insurance policy also provided additional benefits such as cashless treatment at network hospitals, transportation assistance, and coverage for pre and post-hospitalization expenses. Durai’s wife received the best possible treatment and was able to recover fully. The medical insurance policy not only helped Durai financially but also gave him peace of mind during a difficult time. He was able to focus on his wife’s recovery without worrying about how he would pay for her treatment. In short, Durai’s medical insurance policy proved to be a lifesaver for his family during a difficult time. It provided financial assistance and ensured that his wife received the best possible treatment. This case study highlights the importance of having a comprehensive medical insurance policy in place to protect oneself and the family from unexpected medical expenses. Call Vision India today and protect yourself and your family from such unexpected incidents.

How do I save Tax in India?

There are several ways to save taxes in India. Some of the most common methods include: Investing in tax-saving schemes: There are several tax-saving schemes available in India, such as Life Insurance Policies, Medical Insurance, Public Provident Fund (PPF), National Savings Certificate (NSC), Equity-Linked Saving Schemes (ELSS), and National Pension System (NPS). These schemes provide tax benefits under Section 80C of the Income Tax Act, which allows an individual to claim deductions of up to Rs 1.5 lakh from their taxable income. Claiming deductions for home loans: Interest paid on home loans is tax-deductible under Section 24 of the Income Tax Act. An individual can claim a deduction of up to Rs 2 lakh for the interest paid on a home loan for a self-occupied property. Claiming deductions for medical expenses: Medical expenses incurred for the treatment of specified diseases or illnesses can be claimed as deductions under Section 80D of the Income Tax Act. The maximum amount that can be claimed as a deduction is Rs 25,000 for self, spouse, and children. Claiming deductions for charitable donations: Donations made to certain specified charitable institutions and organizations are eligible for tax deductions under Section 80G of the Income Tax Act. Renting out a property: If an individual rent out a property, the rent received can be taxed as income under the head “Income from House Property”. However, if the individual is paying a home loan on the property, the interest paid on the loan can be claimed as a deduction. Keeping track of expenses: Keep all the bills and invoices of the expenses done throughout the year, this will help in claiming the deductions during tax filing. It’s important to note that the rules and regulations regarding tax saving in India are subject to change and it’s always recommended to consult with a professional tax advisor or a chartered accountant to ensure that you To know more on how to save Tax, contact us for a free consultation.

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