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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Section 80D of the Indian Income Tax Act allows individuals and Hindu Undivided Families to claim a tax deduction for medical expenses and health insurance premiums. A few aspects apply to the insurance holder to claim an 80D deduction.
What is Section 80D deduction?
Through Section 80D, the government encourages citizens to purchase medical insurance and undertake preventive health checkups. A person can claim Section 80D tax benefits for the health insurance premium paid during the year and medical expenses incurred, including preventive health checkups.
Also read: https://www.idfcfirstbank.com/finfirst-blogs/finance/types-of-health-insurance
Section 80D eligibility
Under Section 80D, deductions can be claimed only by individual and HUF taxpayers. Further, the insurance premium paid for self, spouse, dependent children and parents can be claimed.
What can be claimed?
Individual and Hindu Undivided Families can claim the following expenses under section 80D deductions,
1. The medical insurance premium paid for the individuals above in a payment mode other than cash.
2. Expenses made on preventive health checkups.
3. Medical expenses of a senior citizen not covered under any health insurance scheme.
4. A contribution to the Central Government health scheme or any other notified government scheme.
Also read: https://www.idfcfirstbank.com/finfirst-blogs/finance/6-reason-why-new-couples-should-consider-the-health-insurance
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Allowed 80D deductions
The following table gives a detailed explanation of 80D deductions to help you plan your finances better.
Sr. No |
Conditions |
You, your family and your parents are not senior citizens |
You and your family are not senior citizens, but your parents are |
You, your family and your parents are all senior citizens |
1 |
You and your family's medical premium, including Rs 5,000 on preventive health checkups |
Rs 25,000 |
Rs 25,000 |
Rs 50,000 |
2 |
Your parent's medical premium, including Rs 5,000 on preventive health checkup |
Rs 25,000 |
Rs 50,000 |
Rs 50,000 |
3 |
You and your family's medical expenditure |
Not Allowed |
Not Allowed |
Allowed within the limits of (1) |
4 |
Your parent's medical expenditure |
Not Allowed |
Allowed within the limits of (2) |
Allowed within the limits of (2) |
|
Total deduction allowed under Section 80D |
Rs 50,000 |
Rs 75,000 |
Rs 100,000 |
* “your family” includes spouse and dependent children
80D Exclusions
Entities like partnership firms and companies cannot claim this deduction. It cannot be claimed for anyone other than the family members mentioned above. A health insurance premium paid in cash is excluded. Besides, premium payments and expenses made by anyone other than the taxpayer are also excluded from 80D deductions.
Also read: https://www.idfcfirstbank.com/finfirst-blogs/finance/5-steps-for-easy-cashless-health-insurance-claim
Summary
80D deductions aside, health insurance can protect you from a massive cash outflow during a medical emergency. It helps you protect your savings and offers the best treatment options. IDFC FIRST Bank curates some of the best health insurance plans available in the country.
Visit IDFC FIRST Bank Health Insurance and select your health policy today!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
