Do You want to Save Tax of 1685.40 on addition to the existing claims. Please read below
80D Tax Rebate
Although you Buy Medical Insurance for your family, there is an additional Tax Savings For your which comes under Preventive Health Check Up Exemption.
Eligibility for 80D
An individual or HUF can claim 80D exemption if he/she has paid for health checkup in any hospital for self/spouse/dependent children or parents. For availing this deduction on health checkup payments, payment in cash qualifies for tax deduction
Maximum deduction limit under 80D
Your taxable income can be reduced by Rs. 5,000 for preventive health Check Up bills on self, spouse, children and parents. To get this rebate you must declare it while filing Income Tax Return. Your taxable income reduces by the amount you claim as exemption.
How to get 80D tax benefit
You can get 80D tax deduction for preventive health Check Up payment bills by submitting proofs to the HR so they adjust that while applying TDS on your salary or if you miss it you can still claim it while filing income tax returns. You would have to put the amount in cell allocated for 80D under Chapter VI-A deductions in ITR form.
Final comment By LtaBillMedicalBill.in
For Bill Amount of 5000 you pay us 150/- Only
Total Tax saved by this bill = (5000*30% ) +15% on the tax amount.
30% Tax Amount(5000 * 30%) = 1500.00
Service Tax on Tax 15% on above = 0225.00
Total Tax Saved = 1725.00
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