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Tax avoidance only for non-cash payment!

Yes, insurance acts as a key to avoid tax but yet there are certain terms and conditions that one has to follow to claim that tax benefit. Firstly, the insurance payment has to be done through banking modes like demand draft, cheque, debit or credit cards or net banking. There are certain loopholes even in terms of cash payment to claim that tax benefit for example for all the health check-up expenses that one incurs, one claim tax benefit if paid in cash.

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