Skip to main content

Tax benefits on Health Insurance

by My Tax India on March 8, 2015 in Save Tax, Section 80 Deductions, Union Budget 2015-16
Here are the details of tax benefits in Budget 2015 when you purchase health insurance. These are applicable for financial year 2015-16.
  • Deduction under section 80D for self, spouse, dependent children – Rs 25,000 (preventive health check up of Rs 5,000 included)
  • Deduction under section 80D for parents (who are senior citizens) – Rs 30,000 ((preventive health check up of Rs 5,000 included). This deduction is allowed for both dependent and non-dependent parents.
  • In case your parents are super senior citizens (more than 80 years old) and are uninsured you can claim a maximum of Rs 30,000 as deduction in your income towards their medical expenses.
Therefore you stand to claim a total deduction of Rs 55,000 when you buy health insurance for yourself and your parents and save significant tax.The amount to be considered for this deduction is the pure premium amount exclusive of service tax.
The insurance purchased by you should be approved by IRDA (Insurance Regulatory & Development Authority). Beginning Assessment Year 2014-15 this deduction will also be allowed on contribution towards health schemes of Central & State Governments.

Comments

Post a Comment

Popular posts from this blog

Difference between Form 16 & Form 16A Some of our customers have written to us enquiring about the difference between Form 16 and Form 16A. In this article, we will tell you about both these forms and their importance while filing your income tax returns. Form 16 Form 16 is your  Salary  TDS Certificate.   If your income from salary for the financial year is more than the minimum exemption limit of Rs 2,50,000 your employer is required by the Income Tax Act to deduct TDS on your salary and deposit it with the government. If you have also disclosed your income from other heads to your employer, he will consider your total income for TDS deduction. If your income is below the minimum exemption limit your employer will not deduct any TDS and may not issue you this form. If you have worked with more than one employer during the year, you will have more than one Form 16. This Form 16 is a certificate, where the employer is certifying details regarding t...
Post a Comment
Read more
Need Rent Receipts for HRA exemption? ClearSave is here To claim HRA exemption, you have to submit rent receipts to your employer. Usually employers need this proof of rent in January or February, before the financial year ends. It helps your employer give you exemption on HRA and adjust your TDS. Now you can prepare and print your rent receipts at  ClearSave . 1) Enter to clearsave .https://cleartax.in/save/rent and by Entering your rent and your door no. the below page will appear                  and now you should enter your name and your mail address and your owners name and owners pan number,from which date to till you would ike to take the receipt.      Just enter a couple of details to print these receipts and submit to your payroll department. You can even save & use them later. Remember to tell all your friends about it!           ...
Post a Comment
Read more