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80D Calculator

Financial Year
2023
The 80 D Tax Deduction is applicable only under Old Tax Regime.

Health Insurance for Self/Family

Value should not exceed 25000
0 25000

Health Insurance for Senior Citizens (Self/Family)

Value should not exceed 25000
0 50000

Medical Expenditure of Senior Citizens

Enter Value between 0 to 50000
0 50000

Self or Family's Health Insurance Premium Amount

Value should not exceed 25000
0 25000

Health Insurance for Parents ( Below 60 )

Value should not exceed 25000
0

Health Insurance for Senior Citizen Parents

Value should not exceed 50000
0 50000

Health Insurance for Self/Family ( Above 60 )

Value should not exceed 50000
0 50000

Preventative Healthcare Help

Self or Family(Excluding Parents)
Value should not exceed 5000
0 5000
Deduction Under Section 80 D
9,0000,0
Information relates to the law prevailing in financial year 2021-2022. This calculator is only to enable public to have easy access to basic tax calculation. For filing of returns the exact calculation must be made as per the provisions contained in the relevant Acts, Rules etc.

Section 80D Tax Deduction Calculator

What Deductions is Allowed Under Section 80D?

Under Section 80D of the Income Tax Act, 1961, the deductions allowed are for:

  • Health Insurance Premiums for self, spouse, dependent children or parents in any mode other than cash,
  • Preventive health check-ups (up to a limit of ₹5,000),
  • Health insurance premiums for resident senior citizens who don’t have any health insurance plans, and
  • Contribution to Central Government Health Schemes in modes other than cash.

 The table below provides a detailed overview of deductions for specific scenarios depending on the age of the individual:

Scenario Deduction under 80D
Self and Family (All members below 60 years) Self and Family (All members below 60 years) ₹25,000
For Self and Family + Parents (All members below 60 years) (₹25,000 + ₹25,000) = ₹50,000
For Self and Family (all members below 60 years) + Senior Citizen Parents (₹25,000 + ₹50,000) = ₹75,000
For Self and Family (with eldest member above 60 years) + Senior Citizen Parents (₹50,000 + ₹50,000) = ₹1,00,000
Preventive Healthcare (all members below and above 60 years) ₹5,000
Members of the Hindu Undivided Family ₹25,000
Non-resident individuals ₹25,000

Let’s understand this better with an example:

Manoj is 36 years old, and his father is 75 years old. If he pays medical premiums of ₹30,000 and ₹35,000 respectively, he can claim deductions under Section 80D of ₹25,000 for the premium paid under his policy and ₹50,000 for his father’s policy (senior citizen). The deduction allowed for the year will be (₹25,000+₹35,000) ₹60,000.

Additionally, if he has opted for preventive healthcare, a ₹5,000 claim can be made within the limit for any category, if the total insurance premium paid is less than the maximum limit for that category.  

He can also avail of tax benefits under this section for contributions to any sort of schemes launched by the Government.

Deduction under Section 80D

what are the deductions under section 80d

Deduction under Section 80D

Hindu Undivided Families (HUF) and individuals are both eligible to deduct certain expenses from their taxable income under Section 80D. A person may claim deductions on the cost of their medical expenses, health insurance premiums, and preventative health examinations for themselves, their spouse, dependent children, and their parents.

Regular health insurance costs, as well as top-up and critical illness plan premiums, all qualify for an 80D tax deduction.

The 80D tax deductible is applicable only under the Old Tax Regime and is subject to the limitations set out in the Income Tax Act of 1961.

How does Preventive Health Check-up Work?

How to use Digit's 80D Tax Deduction Calculator?

A person falls under the Hindu Undivided Family status if there is a coparcenary ship and ancestral property, qualifying the joint family unit as HUF. In income tax, HUF is considered a separate entity and is taxed separately. Forming a HUF is beneficial for optimizing tax liabilities and financially benefiting family members in the future as well. The income tax slab for HUF is the same as that for an individual.

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Step 1

Enter the health insurance premium paid for family members and/or senior citizens.

Step 2

Next add the medical expenditure of senior citizens. The total eligible deduction under 80D will be computed automatically and shown on the screen.

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Step 1

Enter the health insurance paid for the family or the amount contributed to a health scheme including amount paid for preventative health check-ups

Step 2

Next, enter the medical expenditure of parents/family/senior citizen members. Also include the amount of preventative health check-up (not exceeding ₹5,000).

Benefits of Using Digit's 80D Tax Deduction Calculator

advantages of 80d calculator

Benefits of Using Digit's 80D Tax Deduction Calculator

To handle the complicated process of tax time, we have created an 80D income tax deduction calculator that helps you save money on your income tax. Digit's 80D tax deduction calculator will automatically calculate tax deductions that you can claim based on your investment.

Who is Eligible for Section 80D Deduction?

who are eligible for 80d deduction

Who is Eligible for Section 80D Deduction?

The deduction for medical insurance premiums/ medical expenses for senior citizens is applicable for Individuals and HUF taxpayers only.

Insurance can be availed for:

  • Spouse
  • Dependent Children
  • Parents, and
  • Self

Exemptions from this deduction are:

  • You cannot claim tax deduction for the premium paid by your employer for group medical health insurance.
  • Premium paid on behalf of working children, siblings, grandparents, aunts or uncles, or any other relatives.
  • Any other entity cannot claim this deduction under Section 80D.

Things to Keep in Mind While Claiming Tax Deduction Under Section 80D

factors to know while claiming 80d

Things to Keep in Mind While Claiming Tax Deduction Under Section 80D

It is important to go through your tax exemptions in your policy carefully.

  • It is better to avoid paying a premium in cash. Although payment for preventive health check-ups can be done through cash.
  • The amount available for senior citizens' deduction can also be spent on medical expenses.
  • A Health insurance premium paid at one go allows tax benefits for the number of years of insurance cover.
  • If you purchase health insurance for yourself or your parents (both of whom are elderly citizens), the maximum deduction under section 80D is ₹ 1,00,000.
  • This deduction is also available to HUFs (Hindu Undivided Families) for premiums paid to cover the health of any HUF member.
  • Tax concessions under Section 80C of up to ₹1.5 lakh are in addition to those under Section 80D.

 

A health insurance policy is beneficial not only to safeguard your medical expenses, but it is also used to avail tax benefits. You can avail of tax benefits on health insurance premiums paid under Section 80D of the Income Tax Act. This proves as a wise investment option, securing yours and your family’s future as well.

FAQs about 80D Tax Calculator