Income tax returns (ITR) filing: What is Section 80D and how it impacts your outgo? Anil Singhvi Explains

The Market Guru said that there is always some apprehension in most people about falling sick or having a medical emergency? Lots of money will be required. However, there is one area where people can save some money - this is under Section 80D of the Income Tax Act. You have to by a health insurance policy

Income tax returns (ITR) filing: What is Section 80D and how it impacts your outgo? Anil Singhvi Explains
As per this section, premium that you pay for buying a health plan up to Rs 25,000 is exempted as income tax under Section 80D, Singhvi said. It could be your mediclaim, or your spouse's
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Fri, Jan 22, 2021
10:29 am
New Delhi, ZeeBiz WebDesk
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Income tax returns (ITR) filing: Modern-day hospitals are no less than five-star hotels. Whenever you step into the hospital premises there is a feeling as if you have not come to a hospital but a five-star hotel. While going to such hospitals does not cost you anything, getting a treatment surely does. Therefore, it is very important for you to buy a Mediclaim, Zee Business Managing Editor Anil Singhvi. While it does not only take care of your treatment cost, it can also be used to save some money while doing your income tax returns (ITR) filing. The Managing Editor explains how as he tells viewers about another important term that finds a reference in the Union Budget that is of immense importance to every earning person in the country and will be mentioned this time too.  

The Market Guru said that there is always some apprehension in most people about falling sick or having a medical emergency? Lots of money will be required. However, there is one area where people can save some money - this is under Section 80D of the Income Tax Act. You have to by a health insurance policy.  

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As per this section, premium that you pay for buying a health plan up to Rs 25,000 is exempted as income tax under Section 80D, Singhvi said. It could be your mediclaim, or your spouse's.  

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If you have parents, then a further RS 25,000 is exempted and if they are old i.e. above the age of 60 years, then Rs 50,000 additional amount is exempted.  

So, it is very important to buy a health insurance plans so that the expenses of the treatment are taken care of. But don’t forget to take exemptions given by the government. 

Singhvi has been educating the channel viewers about important terms of the Union Budget. He had earlier explained what Union Budget is. He also explained about Fiscal Deficit, direct and indirect taxes, economic survey and other important aspects, Stay tuned to know more.      

Finance Minister Nirmala Sitharaman will be presenting the Budget 2021 on 1 February.

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