Health Insurance Tax Deduction Under Section 80D

How to File Tax Returns?

Filing a tax return will not be a daunting task if you follow simple steps that can ease the process:

• Visit the official portal of the Income Tax Department.
• Go to the e-file section and click on ‘Income Tax Return'.
• Select the assessment year and the correct ITR form.
• Choose 'Original/Revised Return' under ‘Filing Type’ and 'Prepare and Submit Online' under ‘Submission Mode.'
• Verify the pre-filled data and bank details. Click ‘Continue.' 
• Upload Digital Signature Certificate (DSC). Click ‘Submit.'

A sound health insurance policy provides you and your family a comprehensive medical coverage and supports you in your tough time. It bears your medical expenses and helps you access the best possible treatment. Its benefits are not limited to this; along with the proper treatment and financial security, it entitles you to get mediclaim tax benefits and deduction under 80D of the Income Tax Act. That is why investing in the right health insurance offers you a double bonanza.

Things to be noted before Filing a Tax Return

• It is necessary to pay the health insurance premium through net banking, credit card /debit card, online mode, or another payment gateway for getting the tax benefits. 
• Any cash payment will not qualify for a tax deduction under Section 80D.  
• Premium paid for siblings, grandparents, paternal and maternal relatives does not qualify for a tax deduction. 
• The premium that parents pay on behalf of working children cannot be considered for tax benefit.
• The Group Health Insurance premium paid by the company on behalf of the employees covered under the group is not eligible for deduction.
• One should file the ITR before the specified deadline, depending on the category.

Read about Income Tax Slabs and Deductions | Income Tax Slabs for Women | Income Tax for Senior Citizens