Health insurance Plans are important for us which would help to avoid high-cost hospitalization expenses. We can claim premium paid for health insurance plan under section 80D. It could for the premiums paid for self or family or for parents, we can claim such amount from income tax deductions. What is Section 80D all about? How to claim Health Insurance under Section 80D of the IT Act from Assessment Year 2018-19 onwards? Can we claim 80D after financial year is closed? This article would provide a complete guide on Section 80D deductions.
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The Central Board of direct taxes (CBDT) has allowed the deduction towards the premium procured insurance U/s 80D of the Taxation Act, 1961. There area unit few vital things to notice relating to this matter
1) A personal or HUF will claim the deduction u/s 80D for the premium procured insurance.
2) Payment ought to be created out of financial gain indictable to tax.
3) Payment ought to be created by any mode apart from money.
An individual will take the deduction of insurance, preventive Health medical check-up and medical expenditure fees procured the subsequent persons: –
1) Self
2) Spouse
3) Dependent kids
4) Own oldsters (not married person parents).
How to claim insurance below Section 80D of the IT Act from A.Y. 2018-19?
The following tax regime would guide you concerning the deductions on payment of insurance premium
If any remunerator pays the health premium of himself and his family, he will claim the deduction within the following manner:
(Note: – in the case of parents, the parents of the spouse are not included)
The exemptions u/s 80D for the year ending 31/3/2017 is that the same because it was in previous years. there's no modification within the quantity of deduction during this assessment year (i.e. 2018-19) as compared to the assessment year 2017-18. it's value mentioning here that the minister has introduced few changes during this budget however they're applicable from consecutive assessment year i.e. 2019-20.
Can we tend to claim 80D once a year is closed?
If a person has filed his/ her IT come on time on or before the maturity as prescribed u/s 139 and at the time of filing of come, he/she has by mistake forgot to assert the deduction u/s 80D towards the premium procured insurance, then he/she will file the revised come and might claim the deduction U/s 80D.
