Section 80D of the Income Tax Act (ITA) allows taxpayers to claim deductions for medical expenses, including preventive health checkups. This section was introduced by the Indian government to encourage individuals to take preventive measures to maintain their health and to reduce the financial burden of medical expenses.
Various people due to the financial crisis tried ways to escape their regular checkups which somehow affected them badly. Being one of the best laboratories, Truemedix provides regular health checkups in Bangalore to detect potential health problems at an early stage at such prices that cannot affect people financially.
Further in this blog, we will take a closer look at Section 80D of the ITA and understand the deductions that can be claimed for preventive health checkups.
We at Truemedix, as one of the best test laboratories in Karnataka, enlightens the fact that people should prefer regular checkups to keep track of their health status. Truemedix is providing full body checkups in Bangalore at affordable prices and with a hassle-free sample collection process.
Let’s briefly discuss section 80D.
What is Section 80D of the ITA?
Section 80D of the ITA provides for deductions on medical expenses incurred by individuals and Hindu Undivided Families (HUFs). The section allows deductions for expenses incurred on medical insurance premiums, preventive health checkups, and medical treatments for the self, spouse, dependent children, and parents.
Thus, tracking health checkups of one’s own and their family in this busy schedule is tough which leads to increased chances of risk. Therefore, every individual needs to look after an efficient and best laboratory for better diagnosis. We provide 5000+ laboratory tests all over Karnataka by bringing the latest technology. If looking for the best lab test center, book your next Health Checkup in Bangalore with us and get accurate results.
Deductions for Preventive Health Checkups
Under Section 80D, taxpayers can claim a deduction of up to Rs. 5,000 for preventive health checkups for themselves, their spouses, dependent children, and parents. This deduction is over and above the deduction available for medical insurance premiums. In other words, if you have already claimed the deduction for medical insurance premiums, you can still claim an additional deduction of up to Rs. 5,000 for preventive health checkups.
Preventive health checkups can be conducted either in India or abroad. However, the payment for the health checkup should be made through banking channels such as a cheque or online transfer.
Eligibility for Deduction
To claim a deduction for preventive health checkups under Section 80D, the following conditions must be satisfied:
1. The payment should be made in India or abroad through banking channels.
2. The payment should be made for preventive health checkups for self, spouse, dependent children, or parents.
3. The amount claimed should not exceed Rs. 5,000.
4. The payment should be made out of the taxpayer’s taxable income.
In conclusion, Section 80D of the ITA provides taxpayers with an additional deduction for preventive health checkups, which can help them maintain their health and reduce the financial burden of medical expenses. The deduction can be claimed for expenses incurred on health checkups for the self, spouse, dependent children, and parents. The payment for health checkups should be made through banking channels and should not exceed Rs. 5,000. It is important to keep proper records of the payment and the health checkup receipts to claim the deduction. Book your next appointment with Truemedix– the leading laboratory in Karnataka, to get efficient and accurate results. Providing full body checkups in Bangalore at accessible and affordable prices, concerning every group of people.