Tax Changes FY 2013-14: Contribution to health schemes

Earlier no deduction was available under section 80D for the contribution made in other health schemes offered by the central and state government which were formulated in line with CGHS(Central Government Health Scheme). In order to bring such other schemes at par with CGHS, deduction with respect to the contribution made in such other health schemes has now been allowed. Hence, increasing the scope of schemes where taxpayers can contribute their income according to their requirement and claim tax benefit within the prescribed limit.
Other tax changes that are applicable for the current financial year 2013-14:

• Investment in Rajiv Gandhi Equity Saving Scheme
• Life insurance premium deductions
• Property investment equals more deduction
• A house abroad, more returns
• Mismatch of TDS amount

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