WebYou can now not only safeguard yourself against medical costs for hospitalization but also benefit by saving taxes on premiums paid. A health insurance plan gives you this dual advantage because the premiums paid are deductible under section 80D of the Indian Income Tax Act. What’s more, you can include even the premiums paid for your family … Web3 jul. 2024 · In all three options, the taxpayer can avail the benefit of ₹ 5,000, which is the maximum total deduction allowed for a preventive health check-up. Finance ministry declared in budget 2024 to hike the exemption under section 80d for senior citizen up to ₹ 50000 which was effected from 1st April 2024, the assessment year 2024-2024.
Tax Deductions Under Section 80 of the Income Tax Act
Web24 jan. 2024 · There is a deduction of ₹5,000 under Section 80D for any payments made to preventive health check-ups, and this is subject to taxation. As far as the overall … WebIn case the age of the patient exceeds sixty years but is below 80 years, you can avail tax deductions of ₹60,000 per annum, and if the age of the patient is over 80 years, you can avail further tax deductions of ₹80,000 per annum for critical illness treatment. moissy toronto melody ring
Section 80D deduction: You can claim maximum deduction of Rs 1 …
WebStarting from Financial Year 2024-19, the maximum tax deduction that can be claimed under Section 80DDB for the medical treatment (of specified ailments) of senior citizens (60 years and above) is Rs. 1,00,000. The limit until then had been Rs. 60,000 for senior citizens (60 years to 80 years) and Rs. 80,000 for super senior citizens (80 years ... Web22 jun. 2024 · Section 80DD allows a maximum deduction of Rs. 75,000 for dependent relatives with normal disabilities and Rs. 1,25,000 for cases of severe disabilities. 2. Section 80DDB This section allows tax deductions on medical treatment expenses for … WebFor individuals below the age of 60, the maximum amount of deduction under section 80DDB is Rs.40,000. For senior citizens (above 60), the maximum limit for this … moissy supply chain services