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Mihir

Mihir Tanna |349 Answers |Ask -Follow

Tax Expert - Answered on Mar 15, 2023

Asked by Anonymous - Jan 30, 2023

Money

Sanjib jha sir, Is umbrella insurance tax deductible?

Ans: If insurance is taken to cover possible business loss, insurance premium is allowed as expenses

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Mihir

Mihir Tanna |349 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Question by D - Feb 02, 2023

Standard Deduction will be Rs 50000 or Rs 52500

Ans: As per proposal of Budget for FY 23-24, standard deduction will be 50000 under both regime

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Ambareesh

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Question by K - Feb 04, 2023

Money

Is standard deduction, Sec. 80D, Sec. 80TTB are available if my annual income is Rs. 12 lacs

Ans: Deduction u/s 80C to 80U not available under new regime [except Employers Contribution to NPS u/s 80CCD(2),
Agniveer Corpus Fund u/s 80CCH, deduction u/s 80JJA and 80LA(1A)] - Under old regime both are available - 80TTB if you are senior citizen. Hope this clarifies. (Disclaimer : The views given are personal. Please consult your CA or Investment Advisor/Tax Consultant before acting on my views)

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Mihir

Mihir Tanna |349 Answers |Ask -Follow

Tax Expert - Answered on Feb 27, 2023

rakesh

Question by rakesh - Feb 27, 2023

Money

80TTB DEDUCTION IS NOT AVAILABLE IN NEW TAX REGIME.PLEASE CHECK.

Ans: Yes my mistake. 80TTB deduction not available.

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Mihir

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Tax Expert - Answered on Nov 08, 2022

Deepak

Question by Deepak - Nov 08, 2022

Money

I have taken a plan of SBI Smart Gold Money Back 5 year back. Till now I have submitted 5 premium of approx 98 K plus. SBI gave me a survival benefit after three years (1.8) and deducted the TDS. I asked them why the amount is taxable and they replied because the yearly premium is more than 10 times of Sum Assured (9L) so survival benefit /Maturity benefit and Surrender value will be taxable. I am surprised as I am getting less amount as compared to amount giving as a premium and still the amount is taxable. Is there any way to make the amount free from Tax? What is your suggestion on this?

Ans: They are correct on the part of deducting TDS. Exemption on survival benefits is available only if premium is less than 10 times of sum assured. Only normal deductions like housing loan interest, investment in tax saver avenues like MF, NPS etc., can save your tax.

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