What Deductions Are Allowed Under Section 80D?
17 July, 2023
8 Shares
528 Reads
Share
As a taxpayer, you're probably familiar with the concept of deductions - the money you can subtract from your taxable income to reduce your tax liability. However, were you aware that you can also claim deductions for certain healthcare expenses under section 80D of Income Tax Act? It offers taxpayers an opportunity to reduce their taxable income by filing or claiming deductions on health insurance premiums and healthcare expenses for themselves, their spouses, dependent children, and parents.
In this blog, we'll explore the various deductions that are allowed under the defined section and how you can maximise your savings on healthcare expenses while staying tax compliant.
What is Section 80D?
It is a provision under the Income Tax Act that allows taxpayers to claim deductions for healthcare expenses incurred for themselves, their spouses, dependent children, and parents. This section provides deductions for health insurance premiums paid and expenses incurred for preventive health checkups. The deduction limits depend on the taxpayer's age and the family member for whom the expenses are incurred. It encourages taxpayers to invest in their health and well-being by reducing their tax liability. Moreover, it incentivises taxpayers to purchase health insurance and provide preventive healthcare services, resulting in better health outcomes for individuals and society.
Deductions for Medical Insurance Premium
Section 80D of Income Tax Act allows taxpayers to claim deductions for medical insurance premium payments made for themselves, their spouses, dependent children, and parents. The deductions available under this section are as follows:
- For individuals and HUFs, a deduction of up to ₹25,000 can be claimed for the medical insurance premium paid for themselves, their spouse, and dependent children.
- For senior citizens (above 60 years), the deduction limit is increased to ₹50,000 for the medical insurance premium paid for themselves and their families.
- Taxpayers can claim an additional tax deduction of up to ₹5,000 for preventive health checkups for themselves, their spouses, and dependent children. However, it's important to note that the insurance policy must be purchased from a registered insurer to claim these deductions, and payments must be made through any mode other than cash.
Deductions for Health Insurance Premium Payments for Senior Citizens
The section provides additional deductions for senior citizens on health insurance premium payments. Senior citizens (above 60 years of age) can claim a deduction of up to ₹50,000 for the medical insurance premium paid for themselves, their spouse, dependent children, and parents. This deduction is above the existing deduction limit available under section 80D. The policy must be purchased from a registered insurer, and payments must be made through any mode other than cash.
Additionally, senior citizens can claim a deduction of up to ₹1 lakh for the medical treatment of specified diseases for themselves, their spouses, dependent children, and parents. The specified diseases include cancer, chronic renal failure, and certain specified neurological diseases.
Conclusion
Section 80D provides various tax deductions on healthcare expenses. By availing of these deductions, taxpayers can prioritise their health and well-being and save significantly on their tax liability. So, if you're looking for the right and best health insurance policy that offers comprehensive coverage and helps you save on healthcare expenses, Niva Bupa has you covered. They offer a wide range of health insurance plans with customisable coverage options, allowing you to choose the top-notch plan that suits your needs and budget. So, why wait? Visit Niva Bupa today and secure your health and financial well-being.
Secure your Health with comprehensive insurance plans from Niva Bupa
Health Insurance - Health Insurance | Medical Insurance | Best Health Insurance Plans | Health Insurance Plans | Health Insurance Policy | Best Health Insurance Plans | Best Family Health Insurance | Best Mediclaim Policy | Best Health Insurance In India | Best Medical Insurance In India | Best Health Insurance Plans In India | Best Health Insurance Policy In India | Mediclaim | Best Health Insurance For Senior Citizens In India | Best Health Insurance | Health Insurance With Opd Cover | Mediclaim Insurance | Medical Insurance Plans | Best Health Insurance Company in India | Critical Illness Insurance | Personal Accident Insurance | Mediclaim Policy | Individual Health Insurance | Pregnancy Insurance | Maternity Insurance | Best Family Health Insurance plans in India | Best Health Insurance company | Family Health Insurance | Best Health Insurance plans for Senior Citizens | Mediclaim Policy for Family
Health Insurance Schemes - Chief Ministers Comprehensive Health Insurance Scheme | Employee State Insurance Scheme | Swasthya Sathi Scheme | Pradhan Mantri Matru Vandana Yojna | Government Health Insurance Scheme | Dr. YSR Aarogyasri Scheme | Pradhan Mantri Suraksha Bima Yojna | Health Insurance Deductible | West Bengal Hcovealth Scheme | Third Party Administrator | Rashtriya Swasthya Bima Yojana | In Patient Vs Out Patient Hospitalization | Mukhyamantri Chiranjeevi Yojna | Arogya Sanjeevani Health Insurance | Copay Health Insurance | Cashless Health Insurance Scheme | Mukhyamantri Amrutum Yojna
Travel Insurance - Travel Insurance | International Travel Insurance | Student Travel Insurance | Travel Insurance USA | Travel Insurance Canada | Travel Insurance Thailand | Travel Insurance Germany | Travel Insurance Dubai | Travel Insurance Bali | Travel Insurance Australia | Travel Insurance Schengen | Travel Insurance Singapore | Travel Insurance UK | Travel Insurance Vietnam | Malaysia Tourist Places | Thailand Visa for Indians | Canada Visa for Indians | Bali Visa for Indians | ECR and Non ECR Passport | Qatar Visa Status | USA Visa | Vietnam Visa | USA H1B Work Visa
Become an agent - Insurance Agent | Insurance Advisor | Licensed Insurance Agent | Health Insurance Consultant | POSP Insurance Agent
Group Health Insurance - Startup Health Insurance | Commercial Health Insurance | Corporate insurance vs personal insurance | Group Personal Accident Insurance
Top Hospitals - Best Hospitals in Chennai | Top Hospitals in Delhi | Best Hospitals in Gurgaon | Best Hospitals in India | Top 10 Hospitals in India | Best Hospitals in Hyderabad | Best Hospitals in Kolkata | Best cancer hospitals in Bangalore | Best cancer hospitals in Hyderabad | Best cancer hospitals in Mumbai | Best cancer hospitals in India | Top 10 cancer hospitals in India | Top 10 cancer hospital in Delhi | Multi Speciality Hospitals in Mumbai | Multi Speciality Hospitals in Chennai | Multi Speciality Hospitals in Hyderabad | Super Speciality Hospitals in Delhi | Best Liver Hospitals in Delhi | Best Liver Hospitals in India | Best Kidney Hospitals in India | Best Heart hospitals in Bangalore | Best Heart hospitals in India | Best Heart hospitals in Kolkata | Best Heart hospitals in Delhi
Others - Top Up Health Insurance Policy | Corporate Health Insurance | Health Card | Section 80d of Income Tax Act | Ayushman Bharat | Health Insurance Portability | GoActive Family Floater Plan | Health Companion Family Floater Plan | Health Premia Family Floater Plan | Health Pulse Family Floater Plan | Health Recharge Family Floater Plan | Heartbeat Family Floater Plan | Money Saver Family Floater Plan | Saral Suraksha Bima Family Floater Plan | Senior Citizen Family Floater Plan | Super Saver Family Floater Plan | Corona Kavach Family Floater Plan | Hospital Cash Insurance | Cashless Health Insurance | Health Companion Price revision | Heartbeat Price revision | ReAssure Price revision
Health & Wellness - PCOD | PCOD Problems Symptoms | Stomach Infection | Stomach Infection symptoms | Home remedies for Stomach Infection | Hypertension definition | How to Control Sugar | Typhoid in Hindi | Blood sugar symptoms | Typhoid symptoms in hindi | Low sugar symptoms | ब्लड शुगर के लक्षण | pregnancy me kya kare | Open heart surgery cost | Blood infection symptoms in hindi | BP badhne ke karan | Khansi ka gharelu upay | Omicron | Coronavirus Health Insurance | Covid XE Variant | Norovirus
www.nivabupa.com
+91 11 41743397
1860-500-8888
3rd Floor, Capital Cyberscape, Sector 59, Gurgaon
- Insurance is a subject matter of solicitation. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (IRDAI Registration Number 145, Category:Health), 'Bupa' and 'HEARTBEAT' logo are registered trademarks of their respective owners and are being used by Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) under license. CIN: U66000DL2008PLC182918
- 1 Niva Bupa processes pre-authorisation requests within 30 minutes for all active policies, subject to receiving all documents and information(s) up to Niva Bupa’s satisfaction. The above commitment does not include pre-authorisation settlement at the time of discharge or system outage.
- 2 Since Inception refers to claim data from 2010 till December 2023.
- 3 ReAssure 2.0 Premium: The premium is including taxes and for Bronze Variant, for a 25-year-old individual living in Delhi.
- 4 Aspire Premium: The premium is including taxes and for Gold+ Variant, for a 25-year-old individual living in Delhi.
- 5 Senior First Premium: The premium is including taxes and for Gold Variant, for a 65-year-old individual living in Delhi.
- 6 Health Premia Premium: The premium is including taxes and for Silver Variant, for a 25-year-old individual living in Delhi.
- 7 SmartHealth + Disease Management Premium: The premium is including taxes and for Disease Management Gold Variant rider when bought with ReAssure 2.0 Bronze variant with Base Sum Insured of 5 lacs, for a 25-year-old individual living in Delhi.
- Beware of spurious / fraud phone calls! Do not share your confidential information like Debit / credit card number, Internet Banking User ID/Password, Pin, CVV, OTP, etc. with anyone. Avoid clicking on attachments / payment link received in mails / message from unknown sources. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment or premium. Public receiving such phone calls are requested to lodge a police complaint. Do not respond to unsolicited and attractive offers received through unidentified calls, emails, SMSs, and other social media platforms. Beware of misleading telephone calls from people posing as Niva Bupa officials, agents, IRDAI Officials, Officials from ECI (Office of the Executive Council of Insurers) etc. and offering alluring benefits or sharing false information on your policy or on Niva Bupa. Niva Bupa shall not be responsible for any loss or damages whatsoever for any acts or omissions arising out of such spurious calls, and all customers are advised to contact our customer care at 1860-500-8888 and verify any representations or promises made by any such spurious callers before acting upon the same.