ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons
  • Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say
  • D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr
  • This Android malware switches off Wi-Fi and drain mobile wallet
  • North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'
Read in App
Business News » India News

Budget 2019 expectations: FICCI Wants government to raise tax exemption on preventive health check-up

Industry body FICCI has recommended the government raise the tax exemption on preventive health check-up from the current Rs 5,000 per person to Rs 20,000 and also sought the "national priority" status for the healthcare sector.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Budget 2019 expectations: FICCI Wants government to raise tax exemption on preventive health check-up
"It is recommended that tax exemption on preventive health check-up should be raised from the current Rs 5,000 per person to Rs 20,000 under section 80-D of Income Tax Act 1961," the budget recommendation said. Image source: @nsitharaman twitter

Industry body FICCI has recommended the government raise the tax exemption on preventive health check-up from the current Rs 5,000 per person to Rs 20,000 and also sought the "national priority" status for the healthcare sector. In its budget recommendation to the government, the industry body has also sought a separate annual deduction of up to Rs 10,000 per employee, towards expenses incurred for sponsoring the health check expenses of their employees. "Every year, roughly 5.8 million Indians succumb to heart and lung diseases, stroke, cancer and diabetes. Non-communicable diseases (NCDs) like diabetes, heart diseases and respiratory diseases are expected to comprise more than 75 percent of India`s disease burden by 2025," the budget recommendation said.

Preventive health check-ups can help in early diagnosis and timely treatment of NCDs, hence lowering complications, mortality and burden on secondary and tertiary care facilities.  "It is recommended that tax exemption on preventive health check-up should be raised from the current Rs 5,000 per person to Rs 20,000 under section 80-D of Income Tax Act 1961," the budget recommendation said. It also said that as there has been significant rise in cost inflation index in general, 70 per cent over the last five years and medical inflation in particular, the medical reimbursement deduction needs to be re-introduced and the annual limit needs to be enhanced to not less than Rs 100,000 per annum.

The annual medical reimbursement limit is currently set at a sum of Rs 15,000 per annum under Section 17(2) of the Income Tax Act which was fixed in April 1999 and has been merged along with conveyance allowance into a composite standard deduction limit of Rs 40,000.  It also sought long-term financing option for the sector.

"There is need for long-term financing options for the healthcare sector, as provided to the other sectors accorded with the `infrastructure status`. Also, healthcare sector should be accorded `national priority` status," it said. FICCI also urged the government to provide interest subsidy on loans provided to the healthcare sector. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Budget 2019Budget 2019 expectationsFederation of Indian Chambers of Commerce and Industry (FICCI)
Written By: IANS
Updated: Wed, Jun 26, 2019
10:03 am
IANS
RELATED NEWS
Social Stock Exchange: What is it? Will it benefit social enterprises in India? Social Stock Exchange: What is it? Will it benefit social enterprises in India?
Housing for all by 2022: Outlook positive for affordable housing in the next 3 years Housing for all by 2022: Outlook positive for affordable housing in the next 3 years
Hit by massive trouble, NBFC sector gets a big boost; here is how Hit by massive trouble, NBFC sector gets a big boost; here is how
Investment tips: These 10 stocks can help your wealth grow in July 2019  Investment tips: These 10 stocks can help your wealth grow in July 2019
Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why

LATEST NEWS

DGCA seeks reply from IndiGo as around 56% of airlines flights delayed on Saturday

HDFC Bank receives go-ahead from exchanges for amalgamation scheme with HDFC – know details

Tracxn in wait-and-watch mode over timing of proposed public offer amid choppy market

This Android malware switches off Wi-Fi and drain mobile wallet

Maruti Suzuki looks to deploy strong hybrid tech across model range

Global factors, crude oil movement, macro data key factors to drive markets next week - analysts believe volatility may continue

North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'

Three of top 10 BSE-listed companies lose Rs 73,630 cr in market capitalisation; HUL, ICICI Bank among biggest drag

D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr

Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV