Section 80 D Of Income Tax

Deduction under section 80dd of the income tax act covers the amount paid towards the medical expenditure of a dependant with a specific disability it also covers the amount of insurance premium paid towards specific insurance plans.

Section 80 d of income tax. The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. Under section 80d the maximum tax exemption limit is rs 1 5 lakhs. Section 80d of the income tax act 1961 gives you the tax benefit on the premium paid for medical insurance policies.

This section relates the tax deductions in relation to. On the other hand the maximum tax exemption limit under section 80d is rs 65 000. Medical insurance premium including preventive health check up.

One of the sections of the income tax act 1961 that can come to your rescue and reduce your tax liability to a great extent is section 80d. Deduction under section 80d of the income tax act is available in addition to the deduction of inr 1 50 lakhs available collectively under section 80c section 80ccc and section 80ccd 1. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail.

Deduction under section 80d is available basically for two types of payment namely 1. The taxpayer is eligible is to take benefit under section 80d deduction of the income tax act. Deduction under section 80d of income tax act 1961 the amount of tax deductions that you can claim under section 80d depends on the number of people included under the health insurance coverage.

Section 80d talks about health insurance premium and checkup expenditure if you have incurred expenses towards medical insurance or medical checkup then you can avail the benefit u s 80d. Mode of premium payments. Section 80d tax benefit for health medical treatment premium ay 2019 20 deduction under section 80d is another option for the taxpayers to claim from his total income.

Thus you can save up to rs 25 000 rs 50 000 rs 75 000 or rs 1 lakh depending upon depending on your covered individuals. In order to get tax benefits under section 80d only the tax payer and no third party must pay health insurance premiums.