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September 23, 2022

Itax Software

Income Tax Software

Income Tax Calculator for W.B.Govt employees for F.Y.2016-17 and A.Y.2017-18 With Deduction 80D as per Budget 2016-17

The person who paid medical insurance
premium himself or spouse or parents or depended children can claim the
deduction from total income of the person as per the instructions given below.
We will discuss here the complete detail about deduction under section 80D for
2016-17 and A.Y. 2015-16.

Download Income Tax Calculator for West Bengal State Employees for the
Financial Year 2016-17 & Assessment Year 2017-18 as per the Budget

can claim deduction 80D?

Individual and HUF
assesee can claim the deduction under section 80D for any medical insurance
premium known as MEDICLAIM.
Note: The deduction is allowed only under an
approved scheme of General Insurance Corporation of India or any contribution made to
Central Government Health Scheme or any similar notified scheme.

Maximum deduction allowed u/s 80D

Check how much deduction of medical insurance premium, you can claim for
self and your parent.


Case I – You are below 60
Years – Rs.25,000 and Your parents are also
below 60 years – Rs. 25,000 then aggregate
Rs. 50,000.
Case II – You are below 60
Years – Rs.25,000 But Your parents are above
60 years – Rs. 30,000 then aggregate
Rs. 55,000.

Points Related to Deduction under section 80D

  • You must
    note here that the deduction is allowed only if the payment is
    made from your own income
    during the pervious year.
  • Any
    premium for health insurance or Central Govt Health Schemes (CGHS) shall
    be made by any mode except cash. However, cash payment
    shall be accepted if paid during preventive health check-up.
  • Payment
    made via credit card/internet banking shall also be eligible for
  • The main
    and important point of Deduction for Medical Insurance Premium (MEDICLAIM)
    under section 80D is that, it does not included in deduction under
    section 80C (Rs.1,50,000 in total). In simple words, you can get deduction
    under section 80D extra over section 80C.
  • Now, it is
    immaterial that parents are dependent on you or not. You can claim tax
    deduction for medical insurance premium paid for your parents whether they
    are dependent on you or not.  The condition of dependency of parents
    is eliminated w.e.f. A.Y. 2009-10.

Tax Planning by MEDICLAIM (Medical Insurance
Premium) Under Section 80D

  • So it is
    good strategy to pay your medical insurance premium yearly for you,
    wife/husband, children and parents.
  • You can
    get tax deduction of up to Rs.65000 under section 80D including preventive
    health check of Rs.5000 (self + family)
  • The other
    thing you must note that medical insurance premium paid for parents having
    more benefits. It is immaterial that parents are depended or not.

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