Download Automatic Master of Form 16 Part B and Part
A&B which can prepare at a time 50 employees OR 100 employees for Financial
Year 2015-16 from the below link :-
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Click here to Download Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for F.Y.2015-16
Click here to Download Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16
We all share a love-hate relationship with
taxes. We know it has to be paid, we know it is used for the benefit of society
as a whole, we know its role in the economy, but we still are uncomfortable
paying it. As our income increases, the discomfort with rising taxes also goes
up. This is where tax saving investments come in. There are a plethora of
schemes available, that help you save taxes. Traditionally, Insurance has been
known as an important medium to save taxes. So, where does Health Insurance fit
in? Let’s see.
Health Insurance and Taxes
The tax exemptions
available to Medical Insurance schemes is summed up in Section 80D of the
Income Tax Act. For any health insurance policy bought, a policyholder can
claim deduction on premium paid for up to Rs. 25,000 (according to Budget
2015). The deduction for senior citizens is Rs. 30,000.
For those very
senior citizens (80 years and above) to whom health insurance is not available,
any payment made on the account of medical expenditure for such people shall be
allowed as a deduction under Section 80D, subject to a maximum limit of Rs.
30,000. This deduction will be given subject to the fact that any premium
towards any health insurance is not being paid for such person.
However, total
deduction for health insurance premium and medical expenses for parents shall
be limited to Rs 30,000.
Section 80D allows
for tax deduction from the total taxable income for the payment of medical
insurance premium paid by an individual or a Hindu undivided Family (HUF), in
any mode other than cash. This deduction is over and above the normal deduction
of Rs. 1,50,000 allowed under Section 80C.
The deduction under
Sec 80D is allowed for making a payment towards maintaining an insurance policy
which:-
In case of an Individual:- Is for the health of the self or the spouse, dependent
parents or dependent children, or
In case of HUF:- Is for any Member of the Family.
Amount of Deduction Available
The deduction is to
be claimed while filing income tax returns. The deduction is the sum of the
following amounts –
In case the payment
of medical insurance premium is for self, spouse, dependent children or parents
(dependent or not) – Rs. 25000. In case the person insured is a Senior Citizen,
the deduction allowed should be Rs. 30,000.
So, the total
deduction that can potentially be claimed by a family under Section 80D is as
below:
Criteria for claiming deductions
The criteria for
claiming deductions under Section 80D by way of health insurance premiums is as
outlined below:
* The said
policyholder/ tax payer is an individual or HUF (Resident or NRI)
* The insurance
premium paid is in accordance with the schemes framed by General Insurance Corporation
of India
* The premium has
been paid by any mode other than cash.
* It is paid out of
taxable income
Proof of payment
As proof of payment,
mediclaim receipt has to be furnished while claiming the deduction.
