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Section 80D Deduction Calculator

Ever wonder what 80D deductions could save you? We've put together this handy tool that gives you an estimate of what your deductions could be. Find out what percentage of your income is tax-deductible. Compute 80D tax deductions now!

What is Deduction under section 80D?

Section 80D allows individuals and Hindu Undivided Families (HUF) to claim deductions on certain expenses from their taxable income. A person can claim deductions on the cost of health insurance and the cost of a preventative health examination for themselves, their spouse, their dependent children, and their parents. This is subject to the limitations and circumstances set out in Section 80D of the Income Tax Act of 1961.

How to Calculate Deduction under section 80D?
Persons Covered Exemption Limit Health check-up exemptions Total
Self and family ₹25,000 ₹5,000 ₹25,000
Self and family + parents ₹(25,000 + 25,000) = ₹50000 ₹5,000 ₹55,000
Self and family + senior citizen parents ₹(25,000 + 50,000) = ₹75,000 ₹5,000 ₹80,000
Self (senior citizen) and family + senoir citizen parents ₹(25,000 + 50,000) = ₹75,000 ₹5,000 ₹80,000

Assume you're 60 years old and paying Rs.32,000 yearly premium for your and your family’s health insurance. Aside from that, you're paying Rs.35,000 health premium for your parents' coverage, who are 80 years old. In such a scenario, you can obtain the following deductions under Section 80D:

  • You and your dependents can claim a tax deduction of Rs.32,000 on the Rs.32,000 paid as health insurance premiums.
  • For, your parents (senior citizens), you can receive a tax deduction of Rs.35,000.
  • So, out of the total premium payment of Rs.67,000, a total tax deduction of Rs.67,000 may be claimed.
What is the 80D Calculator?

Tax2win Section 80D calculator helps you calculate the deductions that you can avail on the insurance policies for which 80D deductions are applicable.

How to use 80D Calculator?

To use the calculator, follow these steps:

  • Step 1: Select the financial year
  • Step 2: Select whether you are paying taxes under the new regime/ 115BAC
  • Step 3: Enter whether the policyholder is 60 years or above or not.
  • Step 4: Enter the value of Preventive Health Check-Up and Medical Insurance Premium Amount
  • Step 5: Repeat steps 3 and 4 for your parents' medical policies.
  • Step 6: The total eligible deduction under 80D will be computed automatically and shown on the screen.
Benefits of Using 80D Calculator

In order to help you handle the complicated process of tax time, we have created an 80D deduction calculator that can help you save money on taxes. The 80D deduction calculator will automatically calculate tax deductions that you can claim based on your investment.

Eligibility of Using 80D Calculator

Individuals and HUF taxpayers are the only ones who can claim deductions under section 80D; therefore, only those individuals and HUFs who have purchased insurance for Self, Spouse, Dependant children, and/or Parents can use this calculator for calculating the deductions they are entitled to.

FAQ

1

What investment comes under section 80D?

Section 80D allows you to claim deductions on the cost of health insurance premiums as well as the cost of a preventative health examination.

2

What is the limit of deduction under section 80D of the Income Tax Act, 1961?

The deduction limit under Section 80D for a person under the age of 60 is up to INR 25,000. The '25,000 limit includes a Rs 5,000 preventive health examination. If the insured is above 60 years old, the deduction limit is increased to INR 50,000.

3

Is Tax2Win calculator safe to use?

Yes, tax2win 80D deduction calculator is totally safe to use. The data you enter here is not stored and not shared with anyone.

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