Tax
80D
Also known as: Health Insurance Deduction, Medical Insurance Deduction
Section 80D provides tax deduction for health insurance premiums paid for self, family, and parents.
Detailed Explanation
Section 80D of the Income Tax Act allows deduction for health insurance premiums paid. For individuals below 60 years: ₹25,000 for self/family and ₹25,000 for parents. For senior citizens: ₹50,000 for self/spouse and ₹50,000 for parents. Additional ₹5,000 deduction for preventive health checkup. Premiums must be paid through non-cash modes to claim deduction.