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Insurance rebate for income tax


insurance rebate for income tax

Service tax is chargeable on the health insurance premium payments.
32,000 paid for your dependents and you.From FY 2017-18, in the case of a self-employed individual, maximum deduction allowed is 20 of gross salary instead of 10 (earlier subject to a maximum of Rs1, 50,000).Exclusion in Section 80D Income Tax Act Mode of Premium Payments: In order to get tax benefits under section 80D, only the tax payer, and no third party, must pay health insurance premiums.Question 8: My parents are not dependent on me; can I claim tax exemptions for their health insurance?In case both you and your father can avail tax exemptions for the part premium payment made against your fathers health insurance policy.Deductions on Section 80D and 80C Section 80D is often puzzled with its more visible partner,.e.This rebate is income tested, which means your eligibility to receive it depends on your income.Answer : No, if you make premium payments in cash, youre not liable to avail tax exemptions on the premium payments.As per Section 80C(2) of the Income Tax Act, 1961, any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from gross total income by the policy holder.In case of senior citizen the deduction can be claimed up to Rs 60,000 or amount actually paid, whichever is less.If you are unable to use this e-Service, you may email us stating: your request to claim or revise the relief for YA 2017; the amount of relief that you wish to claim or revise; the amount of insurance premium paid in 2016; the amount.Question 5: My employer has provided me group health insurance policy?In spite of the fact that the premium will not be paid on your behalf, the government positively completes its role and put the weight on your pocket through tax benefits.However, one can avail.An additional deduction for insurance of parents (father or mother or both) is available to the extent.30,000, if tax payer is a senior citizen.The yearly premium.Deduction under the above section is available to an individual or a HUF.If you filed your tax return online.Question 10: What happens if I pay more than what is allowed for tax deduction towards health insurance premium under Section 80D?
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