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Tax benefits for preventive health checkups: The season for filing income tax returns has started. The last date for filing ITR for the financial year 2023-24 is July 31. Every year the Income Tax Department appeals to the taxpayers to file ITR and get many benefits including refund.
Benefit of tax exemption under these rules in ITR
According to the Income Tax Act 1961, tax can be saved by showing savings under many sections. Especially the benefit of tax exemption is available under Section 80C, 80D, 80EE, Section 24, Section 80EEB, 80G, 80GG, 80TTA etc. Today we are going to give you information about the exemption available under 80D.
How to get tax exemption under 80D
Under Section 80D, taxpayers can claim deduction on medical insurance premiums paid for themselves and their family. Apart from the deduction on medical insurance premium, this section also gives exemption on expenses incurred for preventive health checkups.
preventive health checkup
Preventive health checkups include medical tests and other investigations performed to diagnose diseases and monitor health-related matters. This screening helps in early and early identification of health threats.
How and to what extent you can avail tax exemption ,
Under Tax2Win, you are entitled to this rebate if you incur expenditure on health check-up to check your health condition. An individual taxpayer has to pay Rs. A discount of Rs 5000 is available. This includes his wife, children, parents.
There will be no benefit in this case
If you are below 60 years of age, and you have Rs. Are paying. Premium health insurance costs Rs 20000. So you get a preventive health checkup worth Rs. The facility of discount of Rs 5000 can be availed. But your health insurance is Rs. 25000, you will not get a separate deduction for the cost of this checkup.
Notably, this expenditure is covered only within the overall limit of deduction under section 80D. In which for taxpayers up to 60 years of age, Rs. 25000 and for senior citizens the limit is Rs. Is 50000.