Deductions available to senior citizens in respect of health insurance premium and medical treatment

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..... Deductions available to senior citizens in respect of health insurance premium and medical treatment - Budget Dated:- 5-2-2018 - News - C. MEASURES FOR PROMOTING EQUITY Several changes have also been introduced to improve the horizontal equity of the tax system by providing relief to certain section of the society, in particular, senior citizens and the salaried tax payers, keeping in view .....

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..... their personal circumstances like health, fixed source of income and higher cost of incidental expenses relating to employment. These changes are discussed in the following paragraphs. Deductions available to senior citizens in respect of health insurance premium and medical treatment Section 80D, inter-alia, provides that a deduction upto ₹ 30,000/- shall be allowed to an assessee, .....

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..... being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy, or preventive health check-up, of a senior citizen, or medical expenditure in respect of very senior citzen. It is proposed to amend section 80D so as to raise this monetary limit of deduction from ₹ 30,000/- to ₹ 50,000/-. In case of single premium health ins .....

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..... urance policies having cover of more than one year, it is proposed that the deduction shall be allowed on proportionate basis for the number of years for which health insurance cover is provided, subject to the specified monetary limit. . These amendments will take effect, from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment year .....

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..... s. [ Clause 24 ] - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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