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 who pay for health insurance or preventive health care can deduct those expenses under section 80D of the Income Tax Act of 1961. Individuals and HUF can avail the benefit of deduction 80D for payment of medical insurance premium. You can deduct the amount from your gross total income up to Rs. 25,000 for the medical insurance premiums they pay for yourself, spouse, and children. If you pay for your parents’ health insurance, you can get an extra benefit of up to Rs. 25,000. If the parents are over 60 years old, the maximum reduction goes up to Rs. 50,000. It’s important to remember that the most you can subtract under section 80D is Rs.1,00,000. Suppose, if both the taxpayer and their parents are over the age of 60, the maximum deduction for the taxpayer’s medical insurance premium goes up to Rs. 1,00,000.
How to Use Deduction 80D Calculator
You can use this calculator to estimate your tax deduction under section 80D of the Income Tax Act. The deduction 80D calculator is based on assessment year 2023-24 and 2024-25.
- Choose your age first.
- Then enter the amount you paid for your spouse and dependent children’s medical insurance premiums.
- Now, choose your parent’s age.
- Next, enter the amount paid for the medical insurance premiums of your parents.
Using the calculator, you will be able to calculate the deduction available under section 80D.
It is important to note that this calculator provides only an estimate and should not be considered an alternative to professional tax advice.
Deduction 80D Calculation under Various Scenarios
A taxpayer can claim a deduction under section 80D under the following scenarios. The following conditions are based on the assessment year 2023-24 and 2024-25.
Deduction for medical insurance premium paid for self, spouse, and dependent children:
- 80d deductions are available up to 25,000 rupees.
- For senior citizens (above 60 years of age) or their spouses or dependent children, the deduction limit is increased to Rs. 50,000.
- The deduction limit increases to Rs. 1,00,000 for taxpayers and their family members who are senior citizens.
Deduction for medical insurance premium paid for HUF:
- Any member of a HUF can deduct up to Rs. 25,000 in medical insurance premiums.
- The deduction limit is increased to Rs. 50,000 for senior citizens (over 60 years old).
Section 80D does not allow for the deduction of more than Rs. 100,000 as a total deduction.
A deduction 80D is also available only if the payment is made using a non-cash method such as a check, credit card, or online transfer.