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X Tax Benefits You’re Missing On – And How To Get Them by kushagract: 7:39am On Apr 19, 2023 |
Are you a person who pays their income tax honestly and wisely? Then you must know that it’s always smart to avail all tax deductions available under the Income Tax Act. Today, let me tell you about another such deduction that you can avail if you’ve got a health insurance policy. Yes, you read it right! Your health policy not only allows you to save big on medical expenses but also offers tax benefits on the premium paid by you. Your health insurance premium is tax deductible under Section 80D of the Income Tax Act. This means the premium amount gets deducted from your taxable income. Hence, the applicable tax also decreases. (feels good to know this, right!) Deduction is applicable depending on the type of plan with a maximum limit of Rs 1,00,000. Wondering what type of plan your policy falls under? I’ll not leave you with half information, read on. Deduction is available for self & family plans and for dependent parents. ● If you have a self and family health plan, where age of all members incorporated is below 60 years. Maximum deduction is: Rs. 25,000 ● If you have a self and family health plan + plan covers parents, where age of all members incorporated is below 60 years - Maximum deduction is: Rs. 25,000 + Rs. 25,000 = Rs. 50,000 ● If you have a self and family health plan + plan covers senior citizen parents, where age of members other than parents is below 60 years - Maximum deduction is: Rs. 25,000 + Rs. 50,000 = Rs. 75,000 ● If you a have a self and family health plan + plan covers senior citizen parents, where age of even one member other than parents is above 60 years - Maximum deduction is: Rs. 50,000 + Rs. 50,000 = Rs. 1,00,000 With everything concerned with policies and government provisions, there are always some points that you must know! Let me give you some critical information here! - To claim the deduction, you have to go cashless! Meaning, please ensure that you don’t pay your premium in cash. The payment mode can either be cheque, debit or credit card, UPI or netbanking. - Premium payment receipt must be available. - Premium should be paid from the taxable income of the person availing the deduction. If it is paid on behalf by any other person, deduction can’t be claimed. - Deduction claimed must be as per the limits mention in the Income Tax Act (as stated above) - Premium should be paid within the same financial year. This means the date on the payment receipt should fall within the financial year for which tax is payable. - Temporary receipts given by agents cannot be used. Another disclaimer you shouldn’t miss - tax benefits and deductions are subject to change as per Income Tax Laws. So, the next time you file for Income tax, make sure to avail the tax benefits from paying health insurance premium!
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