Health Insurance Tax benefits F.Y. 2019-20 & A.Y: –for the assessment year 2020-21, you can take income tax benefits against the Heath premium, you pay for self, spouse, and dependent children and your parents, under section 80D F.Y.2019-20.
In today’s costly world, you must have a health insurance policy for your family.
At the time of illness, expenses will definitely wipe out your savings.
As per union budget 2019, we have analyzed section 80D of the income tax act.
So below are the income tax benefits of health insurance under section 80D for FY 2019-20.
Tax benefit for health insurance premium paid
Under section 80D of the income tax act, you can claim a deduction up to Rs. 25,000 for F.Y. 2019-20, for medical insurance premium installments you have paid.
Conditions to avail income tax deduction for health insurance
- The premium should be for you,
- your spouse
- And dependent children.
In case self or spouse is a senior citizen
if either you or your spouse is a senior citizen (60 years or above), the tax benefit will rise up to Rs. 30,000.
Download And Prepare At a Time 50 Employees Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21 ] ( Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this utility)
The main feature of this Excel Utility:-
- Prepare At time 50 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
- All the Amended Income Tax Section have in this utility as per Budget 2019
- You can print individual Form 16 Part Part A&B
- Most easy to install just like an Excel File
- Easy to Fill all column
- Automatic Convert the Amount to the In-Words