Category
Tax & Insurance
10 terms explained in plain English, with Indian context.
- GST on Insurance PremiumGoods and Services Tax (GST) applies to most insurance premiums paid in India, and the effective rate depends on the line of insurance an...
- HSN/SAC for InsuranceHSN (Harmonised System of Nomenclature) and SAC (Services Accounting Code) are the classification codes used under the Goods and Services...
- Indexation on ULIP Capital GainsIndexation, in the context of capital gains taxation, is the adjustment of the cost of acquisition for inflation using the Cost Inflation...
- Section 10(10D)Section 10(10D) of the Income-tax Act exempts from tax the proceeds received under a life insurance policy — whether as maturity benefit,...
- Section 80CSection 80C of the Income-tax Act permits a deduction of up to ₹1,50,000 per year from taxable income for investments and expenses in a d...
- Section 80CCCSection 80CCC of the Income-tax Act allows an Indian taxpayer to claim a deduction from taxable income for premiums paid towards a pensio...
- Section 80CCDSection 80CCD of the Income-tax Act covers deductions for contributions to the National Pension System (NPS) and the Atal Pension Yojana ...
- Section 80DSection 80D of the Income-tax Act allows an Indian taxpayer to claim a deduction from taxable income for health insurance premiums paid f...
- Section 80DDBSection 80DDB of the Income-tax Act allows an Indian taxpayer to claim a deduction for medical expenditure incurred on the treatment of s...
- TDS on Insurance PayoutTax Deducted at Source (TDS) on insurance payouts is governed mainly by Section 194DA of the Income-tax Act, which requires the insurer t...