Budget 2018: Increase in tax benefit for medical expense incurred for Sr Citizen parents

Medical Insurance: Currently if premium is paid towards medical insurance of your Sr citizen parents, an income deduction upto INR 30,000 was eligible.  This has been increased to INR 50,000 from Financial Year 2018-19 Medical Treatment for specified diseases: Currently if you incur any medical expenditure for treatment of specified diseases suffered by your parents,... Continue Reading →

Budget 2018: changes in salary taxation

Savings:  Salaried Individuals get a flat deduction of INR 40,000 on taxable.   So this deduction  will result in tax reduction of upto INR 12,360 This benefit comes by removing earlier exemption eligible for medical reimbursements upto INR 15000 and and exemption towards transport allowance upto INR 19200. Incrementally all salried individuals get additional benefit by... Continue Reading →

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