Ketki Dagha & Associates

𝐓𝐚𝐱 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐟𝐨𝐫 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐫𝐞𝐦𝐢𝐮𝐦 𝐔/𝐒 𝟖𝟎𝐃 𝐨𝐟 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐀𝐜𝐭, 𝟏𝟗𝟔𝟏.

Medical insurance premiums, medical expenses paid for self and family are allowed as a deduction from Taxable Income.

Individuals Taxpayers can avail deduction for such payments made for:
🔰 Self
🔰 Spouse
🔰 Parents
🔰 Dependent children

𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐥𝐥𝐨𝐰𝐞𝐝 𝐟𝐨𝐫 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 :-
✅ Medical insurance premium paid in any mode 𝐨𝐭𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐜𝐚𝐬𝐡

✅ Expenditure incurred on account of preventive health check-ups

✅ HUF can claim deduction of premiums paid for a policy of the members of the HUF

✅ Medical expenditure incurred for senior citizens not covered under any health insurance scheme

✅ Contribution made to the Central Government health scheme or any scheme as notified by the government

𝐋𝐢𝐦𝐢𝐭 𝐨𝐟 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐥𝐥𝐨𝐰𝐞𝐝 𝐢𝐧 𝐚 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐲𝐞𝐚𝐫 :-
🔹₹ 25000 premium paid for self, spouse, and dependent children

🔹₹ 25000 additionally for parents aged less than 60 years, ₹50000 for parents above 60 years

🔹 Medical expenses incurred for senior citizen not covered under any medical insurance, deduction for the expenses up to ₹5000 under the above limit of ₹50000

🔹 If Individual, spouse and parents all are more than 60 years of age maximum deduction that can be availed is ₹100000

Section 80D includes a deduction of ₹5000 for any payments made towards preventive health check-ups 𝐢𝐧 𝐜𝐚𝐬𝐡 𝐨𝐫 𝐚𝐧𝐲 𝐨𝐭𝐡𝐞𝐫 𝐦𝐨𝐝𝐞 𝐨𝐟 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬.
This deduction will be included in the limit of ₹25000 or ₹50000 as the case may be.

Thus, 80D Section is 𝐰𝐢𝐧-𝐰𝐢𝐧 🎉 situation that promotes healthcare along with the tax relief.

𝐈𝐧𝐯𝐞𝐬𝐭 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐡𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐬𝐚𝐯𝐞 𝐨𝐧 𝐭𝐚𝐱𝐞𝐬 𝐛𝐲 𝐭𝐚𝐤𝐢𝐧𝐠 𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐮𝐧𝐝𝐞𝐫 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟖𝟎𝐃 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐀𝐜𝐭.

Happy Investing , Happy Savings!! 😁

9 years Down. Many more to go!!! 🎊🎀🎉
Thanks to all those who supported us and trusted us in this beautiful professional Journey!!🙏Thanks a million! Gratitude 🙏

As per Notification issued by CBDT dated 21.04.2022 it is mandatory to file Income Tax returns even if total taxable income of assessee is below the exemption limit:

1) Turnover of business exceeds Rs 60 Lakhs or
2) Gross Receipts of any profession exceeds Rs 10 Lakhs or
3) TDS/TCS Exceeds Rs 25000 or
4) Aggregate deposit in Saving Bank account in a Financial Year exceeds Rs 50 Lakhs.