Deduction 80D Calculator AY 2023-24 AY 2024-25

Deduction 80D Calculator AY 2023-24 & AY 2024-25  – Calculate 80D Deduction in Seconds. Ask if you have any queries related to 80D deduction calculation.Until the 2023 Finance Act, all amendments to section 80D are included in this calculator.

Deduction 80D Calculator: Taxpayers paying for health insurance or preventive health care can deduct such expenses under section 80D of the Income Tax Act, 1961. Deduction 80D is available to individuals and HUFs to pay medical insurance premiums. You can subtract up to Rs.25,000 from your Gross Total Income for the medical insurance premiums you pay yourself, your spouse and children. Suppose you buy health coverage for your parent also. In that case, you can get an additional benefit of up to Rs.25000. If parents are above 60 years then the maximum deduction goes up to Rs.50000. It is important to remember that the most you can subtract under section 80D is Rs.1,00,000 Suppose if both taxpayer and his parents above the age of sixty years in this case maximum deduction towards taxpayer’s medical premium shall be upto Rs. 1 lakh.

How to Use Deduction 80D Calculator?

To calculate your tax exemption under section 80D of the Income Tax Act, use this calculator; it is based on the assessment years 2023-24 and 2024-25.

First, choose your age.

Afterwards, describe how much it costs as a daily insurance premium for your e children who depend on you.

At last, select your parent’s age range.

Finally, feed in what was paid through medical insurance premiums on your parents’ behalf.

Using the calculator, you can determine the deduction available u/s 80D.

Please note that this calculator only gives estimates and should not be considered an alternative to specific professional advice on taxation matters.

Deduction 80D Calculation under Various Scenarios

  • A taxpayer is eligible for a deduction under section 80D in any of these circumstances; these are related to assessment year (AY) – (2023-24), (2024-25).
  • For self, spouse and dependent children:
  • 80d deductions can be availed up to 25,000 rupees.
  • The limit for senior citizens (above 60 years) or their spouses or dependent children increases to Rs. 50,000.
  • For senior citizens who are taxpayers along with their family members, the limit is increased to INR 1 lakh.
  • HUF medical insurance premium deduction:
  • A HUF member can claim a deduction of up to Rs. 25000 for medical insurance premiums.
  • If any of those individuals is above 60, this maximum limit will go up to Rs.50,000. The overall cap on deductions from section 80D does not exceed Rs. 1 Lakh.
  • However, there is also a stipulation that you can only take advantage of Section 80D if you pay through non-cash modes such as cheques, credit cards and online transfers.

Deduction 80D – Complete Detail

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