Income Tax
Section 80D
Deduction for health insurance premiums — up to ₹25,000 for self (₹50,000 for senior citizens).
Full Definition
Section 80D provides a deduction for health insurance premiums and preventive health check-up costs. Limits: ₹25,000 for self, spouse and children; ₹25,000 more for parents (₹50,000 if parents are senior citizens); additional ₹5,000 for preventive health check-up. Maximum total: ₹1 lakh (if both self and parents are senior citizens). Available under the old tax regime only. Premiums paid in cash (except preventive check-up) are not eligible.
Related terms
More Income Tax terms
ITR (Income Tax Return)
Annual declaration filed with India's Income Tax Department reporting income, deductions and tax paid.
AY (Assessment Year)
The year in which income earned in the previous financial year is assessed and taxed.
FY (Financial Year)
The 12-month period from April 1 to March 31 during which income is earned and recorded.
PAN (Permanent Account Number)
Unique 10-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
TAN (Tax Deduction Account Number)
10-character number required by entities that deduct or collect tax at source (TDS/TCS).