ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -However, remember both these deductions cannot be claimed simultaneously. Section 80DD: The deduction can be claimed for the expenditure incurred on the medical treatment (including nursing), training and rehabilitation of a person with disability.

Detailed explanation-2: -Terms and Conditions for applicability of 80DD The deduction limit permitted u/s 80 DD is up to Rs. 75, 000 in cases of disability up to 40%. The annual limit for availing deductions u/s 80 DD is Rs. 1.25 Lakhs per annum for taking care of a disabled person with disability up to 80% or more.

Detailed explanation-3: -In a nutshell. Section 80DDB provides for deduction to Individuals and HUFs for medical expenses incurred for treatment of specified diseases or ailments and should be deducted from the Gross Total Income while computing taxable income of the assessee.

Detailed explanation-4: -The standard deduction for a single person or a person filing as Married Filing Separately is the same. It is $12, 950 for tax year 2022. When two individuals get married and decide to file jointly, their standard deductions combine, and their Married Filing Jointly standard deduction becomes $25, 900 for 2022’s taxes.