Amendment in Section 80D

Amendment in Section 80D Existing Provision Under the existing provision of ITA a deduction is allowed to individuals and HUF with respect to health insurance premium. Amendment An additional deduction on account of preventive health check-up has been proposed to the extent it does not exceed five thousand rupees and such payment can also be made in cash. Analysis Currently, a deduction of Rs. 15,000 in respect of health insurance premium of self, spouse and dependent children and a further deduction of Rs. 15,000 is allowed for buying a health insurance policy in respect of parents. A deduction of maximum Rs. 5,000 is proposed in respect of preventive health checkup of self, spouse and dependent children and parents of the assessee. However the deduction under this provision will be within the overall limit as prescribed above. Further, unlike the initial deduction which was available only in respect of payment made by any mode other than cash, the additional deduction Rs. 5,000 could be even be claimed by way of payment in cash. The effective age of senior citizen to avail the benefit under sections 80D, 80DDB and 197A has been uniformly reduced from sixty-five to sixty years. These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-14 and subsequent assessment years. Twitter Delicious Digg Facebook Stumbleupon RSS About the Author I`m SENTHAMARAIKANNAN Author Of Senthamaraikannanclub and i interested in Blogs and socialnetworking I wrote so many blogs in my name since 2007.Follow me On Twitter, Like us On Facebook, Join us on Google +