Deduction U/s 80D, 80DD and 80DDB | Section 80D of the Information Technology Law provide for a
deduction of Rs 25,000 from the insurance premium paid for health insurance for self, spouse and
In other words, Section 80D of the Information Technology Law provides for a deduction of Rs 25,000 from the insurance premium paid for health insurance for self, spouse and dependent children.
The Income Tax Act rewards people for purchasing health insurance by allowing a deduction when paying premiums on their insurance policies. Section 80D of the Information Technology Law provides for a deduction of Rs 25,000 from the insurance premium paid for health insurance for self, spouse and dependent children. The section also allows you to deduct up to Rs 25,000 for the premium paid for the health insurance policy for the parents of the person being assessed. It doesn’t matter if the parents are dependent or not.
Download One by One Preparation Form 16 Part A&B in Excel for the F.Y.2021-22
For instance, Section 80D of the Income Act provides for an increased deduction of Rs.50,000 if either parent of the person being assessed is elderly. A person residing in India at the age of 60 or over at any time during the previous relevant year is considered to be senior.
Deductions for preventive examinations
Section 80D of the Information Technology Law allows a deduction of up to Rs 5,000 in respect of payments for preventive medical examinations of self, spouse, dependent children or parents made during the previous year. Payment for preventive medical examinations can be made in cash.
In addition, A deduction of Rs 5,000 counts against the total limit of Rs 25,000 or Rs 50,000, as the case may be.
Download One by One Preparation Form 16 Part Bin Excel for the F.Y.2021-22
Deduction of expenses for treatment
After that, Section 80DDB allows for a tax deduction for expenses incurred by an individual for himself or for a dependent for the treatment of specific medical conditions, as specified by law. Similarly, The deduction amount can be used for the amount actually paid or Rs 40,000, whichever is less.
The maximum deduction for an elderly person is Rs 1 Lakh.
Therefore, The amount of the deduction will be reduced by the amount paid by the insurance company or reimbursed by the employer.
Deduction for the treatment of a dependent with a disability
Section 80DD of the Income Tax Act deals with the deduction of medical expenses incurred by you or a dependent. A dependent may be the spouse, children, parents, or siblings of the respondent.
A deduction up to a maximum amount of Rs 75,000 will be allowed under section. The maximum deduction limit is increased to Rs 1.25 lakh in case of severe disability. Severe deficiency means that the deficiency percentage is 80% or more.
Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for Government and Non-Government employees Salary Structure.
4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23