Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
Our representative will get in touch with you at the earliest.
Income tax is a tax that is collected by the Government of India from the earning members of the nation. It is calculated based on the gross yearly income and can differ as per the income capabilities of the individual. The collection, monitoring, and administration of this tax are governed under the Income Tax Act of 1961. This act not only authorizes tax collection but also states tax benefits and deductions that can be used to lower a person’s tax liability. One such provision is for people with a physically handicapped dependent under Section 80DD of the Act.
Section 80DD of the Income Tax Act of 1961 allows individuals to claim tax-saving deductions for disabled and financially dependent family members. However, in order to claim income tax exemption for disabled dependents, the following criteria are crucial:
1. Only allowed for resident individuals and Hindu Undivided Families (HUFs): This tax deduction can only be claimed by a resident individual or HUF.
2. Not allowed for Non-Resident Individuals (NRIs): An NRI cannot claim this deduction.
Disabilities covered to qualify for tax deduction under Section 80DD
The disabilities covered under Section 80DD are given below:
1. Mental illness: This includes mental illnesses or disorders.
2. Any hearing impairment: This refers to a hearing power of fewer than 60 decibels.
3. Autism: This includes a person suffering from autism spectrum disorder.
4. Mental retardation: This refers to someone with incomplete or partial mental development.
5. Any locomotor disability: This includes joint or muscle disabilities resulting in restricted limb movement.
6. Blindness: This includes lack of sight by 20 degrees or more, visual acuity less than 6160 with glasses or lens, or complete blindness.
7. Cerebral palsy: This refers to a movement or posture disorder usually caused before or at birth due to abnormal brain development.
8. Leprosy-cured: This includes people who have been cured of leprosy but continue to face challenges like loss of sensation, paresis in eyes,
9. Low vision: This includes a low vision that cannot be corrected with surgery.
Terms and conditions to claim income tax exemption for the physically handicapped dependent
The following conditions have been mandated by law to claim tax deduction under Section 80DD:
Amount claimed as a deduction for physically handicapped and disabled dependent
The following sum can be claimed as a deduction:
Kotak’s tax-saving guide
Kotak provides you with a well-researched, expert tax-saving guide that can help you lower your tax liability by using the right approaches. Refer to this guide for useful information on how to file and save tax.
- A Consumer Education Initiative series by Kotak Life
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