Download Automatic All in One Income Tax preparation Excel Based Software for only Private/Non-Govt employees for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Utility Can prepare at a time Income Tax Compute Sheet + Individual Salary Structure + Automatic HRA Calculation + Automatic Form 12 BA + Automatic Form 16 Part A&B and Part B for Assessment Year 2016-17 with the all amended by the Finance Bill 2015-16]
Financial Year-2015-16 and Assessment
Year-2016-17, Section 80D –Deduction in
respect of health insurance premium.
Particulars
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Deduction in the case of individual
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Deduction in case of HUF
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Payment can be made for Financial Year 2015-16
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Assessee or family*
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Parents
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Any member of HUF
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A.
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(a). Mediclaim Insurance Premium other than cash.
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Eligible
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Eligible
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Eligible
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(b). Contribution to CGHS/notified Scheme other than
cash.
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Eligible
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-
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-
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(c). Preventive Health Check up Payment by any mode
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Eligible
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Eligible
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-
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Maximum Deduction:
- Deduction applicable to (a),(b) &(c)
-Additional Deduction only in case of (a) when
policy is taken on life of a senior citizen
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25000
5000
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25000
5000
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25000
5000
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B.
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Medical Expenditure on the health of a person who is
a super senior citizen if mediclaim insurance is not paid on the health of
such person
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30000
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30000
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30000
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C
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Maximum Deduction in case of (A) and (B)
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30000
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30000
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30000
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*family- Spouse of the individual,
dependent children.
Now u may go through Sec 80D of the Income
Tax,1961 as given below
Deduction in respect of health
insurance premia.
80D. (1)
In computing the total income of an assessee, being an individual or a Hindu
undivided family, there shall be deducted such sum, as specified in sub-section
(2) or sub-section (3), payment of which is made by any mode as specified in
sub-section (2B), in the previous year out of his income chargeable to tax.
(2)
Where the assessee is an individual, the sum referred to in sub-section (1)
shall be the aggregate of the following, namely:—
(a)
the whole of the amount paid to effect or to keep in force an insurance on the
health of the assessee or his family or any contribution made to the Central
Government Health Scheme [or such other scheme as may be notified by the
Central Government in this behalf] or any payment made on account of preventive
health check-up of the assessee or his family as does not exceed in the
aggregate [Twenty Five] thousand rupees; and
(b)
the whole of the amount paid to effect or to keep in force an insurance on the
health of the parent or parents of the assessee or any payment made on account
of preventive health check-up of the parent or parents of the assessee as does
not exceed in the aggregate [Twenty five] thousand rupees.
Following
clauses (c) and (d) shall be inserted after clause (b) of sub-section (2) of
section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :
(c)
the whole of the amount paid on account of medical expenditure incurred on the
health of the assessee or any member of his family as does not exceed in the
aggregate thirty thousand rupees; and
(d)
the whole of the amount paid on account of medical expenditure incurred on the
health of any parent of the assessee, as does not exceed in the aggregate
thirty thousand rupees:
Provided that
the amount referred to in clause (c) or clause (d) is paid in respect of a very
senior citizen and no amount has been paid to effect or to keep in force an
insurance on the health of such person:
Provided
further that the aggregate of the sum specified under clause (a) and
clause (c) or the aggregate of the sum specified under clause (b) and
clause (d) shall not exceed thirty thousand rupees.
Explanation.—For
the purposes of clause (a), “family” means the spouse and dependent children of
the assessee.
(2A)
Where the amounts referred to in clauses (a) and (b) of sub-section (2) are
paid on account of preventive health check-up, the deduction for such amounts
shall be allowed to the extent it does not exceed in the aggregate five
thousand rupees.
(2B)
For the purposes of deduction under sub-section (1), the payment shall be made
by—
(i) any
mode, including cash, in respect of any sum paid on account of preventive
health check-up;
(ii) any
mode other than cash in all other cases not falling under clause (i).
Following sub-section
(3) shall be substituted for the existing sub-section (3) of section 80D by the
Finance Act, 2015, w.e.f. 1-4-2016 :
(3) Where the
assessee is a Hindu undivided family, the sum referred to in sub-section (1),
shall be the aggregate of the following, namely:—
(a) whole of the amount paid to effect or to keep in force
an insurance on the health of any member of that Hindu undivided family as does
not exceed in the aggregate twenty-five thousand rupees; and
(b) the whole of the amount paid on account of medical
expenditure incurred on the health of any member of the Hindu undivided family
as does not exceed in the aggregate thirty thousand rupees:
Provided that the amount referred to in clause (b) is paid in respect of
a very senior citizen and no amount has been paid to effect or to keep in force
an insurance on the health of such person:
Provided
further that the aggregate of the sum specified
under clause (a) and clause (b) shall not exceed
thirty thousand rupees.
(4) Where the sum specified in clause (a) or clause (b) of
sub-section (2) [or in sub-section (3)] is
paid to effect or keep in force an insurance on the health of any person
specified therein, and who is a senior citizen, [or a very senior
citizen], the provisions of
this section shall have effect as if for the words” [Twenty Five] thousand
rupees”, the words ” [Thirty] thousand
rupees” had been substituted.
[Explanation.—For the purposes of this sub-section, “senior citizen” means an
individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.]
(5)
The insurance referred to in this section shall be in accordance with a scheme
made in this behalf by—
(a) the
General Insurance Corporation of India formed under section 9 of the General
Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the
Central Government in this behalf; or
(b) any
other insurer and approved by the Insurance Regulatory and Development
Authority established under sub-section (1) of section 3 of the Insurance
Regulatory and Development Authority Act, 1999 (41 of 1999).
Following Explanation shall be inserted to section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :
Explanation.—For
the purposes of this section,—
(i) “senior citizen” means an individual resident in India who is of
the age of sixty years or more at any time during the relevant previous year;
(ii) “very senior citizen” means an individual resident in India who is of
the age of eighty years or more at any time during the relevant previous year.
