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Budget 2022: What is Section 80D of Income Tax Act? Zee Business Managing Editor Anil Singhvi explains!
Today let's understand what is 'Section 80D' from Anil Singhvi, Managing Editor of 'Zee Business'.
Budget 2022 Easy Hai: Union Budget 2022 is around the corner and as the countdown for the presentation of the budget 2022 has begun, Zee Business has started a special series 'Budget Easy Hai' for the common people to understand the jargons spelt out in the budget speech. Today let's understand what is 'Section 80D' from Anil Singhvi, Managing Editor of 'Zee Business'.
Hospitals today are on par with five-star hotels. When you enter the hospital, you will get the impression that you are entering a five-star hotel. Well going to such hospitals does not cost you anything, but the treatment surely does. To avoid this, Zee Business Managing Editor Anil Singhvi advises to get a Mediclaim policy. While it can be used to cover the expense of your treatment, it can also be utilised to save money when filing income tax returns (ITRs) annually.
Most people, according to the Market Guru, are always concerned that getting sick or having a medical emergency is directly equal to spending a lot of money. Apart from that many people have concern that if they will not fall sick then their money will be wasted. However, there is one way where customers may save money: Section 80D. For that, you'll need to get health insurance.
According to the section, the premium you pay for a health plan up to Rs 25,000 is free from income tax under Section 80D, said Anil Singhvi. It might be your or your spouse's medical insurance including child/children who depend on you.
If you have parents, age less than 60 years, then an additional Rs 25,000 is exempted, and if they are elder (over 60 years old), then the exemption will be Rs 50,000.
As a result, purchasing health insurance policies is important in order to cover the costs of treatment. But don't forget to take advantage of exemptions provided by the government as Section 80D, Singhvi concluded.
For More Details Watch Full Video Here:
क्या होता है सेक्शन 80D ?
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