Tuesday, June 13, 2023

Tax Benefit on Health Insurance Premiums

 Section 80D: Ensure you claim all tax benefits on health insurance premiums while filing I-T returns

Section 80D offers tax breaks on health insurance premium paid for self, spouse, children and parents. You can avail of tax breaks at the time of filing returns, even if you have missed out on claiming these while submitting tax-saver investment proofs to your employer
Besides section 80C instruments such as equity-linked saving schemes (ELSS), tax-saver fixed deposits and employees’ provident fund contribution, section 80D, too, is a highly popular avenue for reducing your tax burden.
Salaried tax-payers should ideally claim tax breaks - that is, if they have chosen the old, with-exemptions tax regime - while submitting investment proofs in the months of January and February.
This ensures that your employer does not deduct excess tax. If you missed the deadline for filing investment declaration, however, you can claim refund for excess tax deducted while filing your income tax return before July 31.

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