Nitso Technologies Blog

Your go-to blog for everything related to HR, Payroll and Inventory Management Software

Menu
  • Home
  • Contact Us
  • About Us
  • Privacy Policy
  • Tax Information
    • Tax Benefit on Home Loan
    • Section 80 EEA
    • Section 80E
    • Section 80U
    • Donating Money? Tax benefit under section 80G.
    • Deduction available under Section 80D
    • Tax Treatments of Investment National Pension Scheme
    • HRA Exemption
    • Section 87A : Tax Rebate under Section 87A
    • Section 10 of Income Tax Act
Menu

Deduction available under Section 80D

Posted on May 23, 2020May 23, 2020 by nitsotechnologies

Individual:

An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 (as per the Budget 2018) if your parents are aged above 60. 

If both the taxpayer and the parent whom the medical covers have been taken for are aged more than 60 years, the maximum deduction that can be availed under this section is to the extent of Rs 1,00,000. 

The below table captures the quantum of deduction available to an individual taxpayer under various scenarios: 

ScenarioPremium paid (Rs)
Self, family, children
Deduction under 80D (Rs)
Parents
Individual and parents below 60 years25,00025,000 50,000
Individual and family below 60 years but parents above 60 years25,00050,000 75,000
Both individual, family and parents above 60 years50,00050,000 1,00,000

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • What to consider when choosing your Payroll Software?
  • Statutory Bonus
  • Notice Pay- Salary in lieu of Notice
  • Cloud HRMS in India | Where to Purchase the best online HR software in India?
  • Provident Funds in India

Recent Comments

    Archives

    • December 2020
    • July 2020
    • June 2020
    • May 2020
    • February 2020
    • January 2020

    Categories

    • Best HR Software for Startup
    • Compliance
    • Do You Know?
    • HR Software
    • Payroll Software
    • Small Business
    • Uncategorized
    © 2022 Nitso Technologies Blog | Powered by Minimalist Blog WordPress Theme