INCOME TAX DEDUCTIONS U/s 80D FOR F.Y 2019-20 & A.Y 2020-21,WITH AUTOMATED INCOME TAX ALL IN ONE TDS ON SALARY FOR WEST BENGAL GOVT EMPLOYEES FOR F.Y. 2019-20 AS PER ROPA 2019

Section 80D

In the union budget 2018, the government of India has proposed the below changes for deductions available on Health Insurance and/or towards Medical treatment. The same provisions are applicable for FY 2019-20 as well;

Health Insurance & Senior Citizens : 

In Budget 2018, it has been proposed to raise the maximum tax deduction limit for senior citizens under Section 80D of the Indian Income Tax Act 1961. The limit of tax deduction allowed for FY 2017-18 for senior citizens were Rs. 30,000 which was increased to Rs 50,000, from FY 2018-19 (AY 2019-20) onwards.

• Under Section 80D an assessee, being an individual or a Hindu undivided family can claim a deduction in respect of payments towards annual a premium on the health insurance policy, preventive health check-up or medical expenditure in respect of senior citizens (above 60 years of age).

• As of FY 2017-18, only Very Senior Citizens (who are above 80 years of age), can claim a deduction of up to Rs 30,000 incurred towards the medical expenditure, in case they don’t have health insurance. Budget 2018 has increased this to Rs 50,000 and also allowed the same flexibility to senior citizens. Even individuals who pay premiums for their dependent senior citizen’s parents can claim the additional deduction on health insurance premium (or) medical expenditure.

• Single premium Health Insurance policy / Multi-year Mediclaim policy :

• In case of single premium health insurance policies having a cover of more then one year, it is proposed that the deduction shall be allowed on a the proportionate basis for the number of years for which health insurance the cover is provided, subject to the specified monetary limit.

The below limits are applicable for Financial Year 2019-2020 (or) Assessment Year (2020-2021) u/s 80D.

Health Insurance Premium & Section 80D Tax benefits AY 2020-21

Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family can be claimed as tax deductions. Remember, this is not over and above the individual limits as explained above. (Family includes: Self, spouse, parents and dependent children).

Download All in One TDS on Salary for West Bengal Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With H.R.A. Exemption Calculation U/s 10(13A) After Effect ROPA 2019

The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the All of West Bengal State employee’s Salary Pattern ( New Format as per ROPA 2019 )

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format

7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format

Read More

Download Automated All in One TDS on Salary for West Bengal Gov. Employees for F.Y. 2018-19 With Section 80D: Income Tax Deduction for A.Y. 2019-20 & F.Y 2018-19

Section 80D: Income Tax Deduction for A.Y. 2019-20 & F.Y 2018-19. Section 80D deduction Relevant for Assessment Year  2019-20/Financial Year 2018-19 as proposed by Finance Bill 2018 | Relevant for Assessment Year  2019-20/Financial Year 2018-19 are given below.

Having a health insurance policy does not only help cover your medical expenses, but it also gives you relief from tax liabilities. Section 80D of the Income Tax Act 1961 allows taxpayers to claim deductions for health insurance premiums paid for insuring self, spouse, dependent children, and parents. The maximum tax deduction that can be claimed under this section is Rs. 25,000. If any of the persons specified is a senior citizen, the maximum deduction amount is Rs. 50,000.

Section 80D: Income Tax Deduction for F.Y 2018-19/A.Y. 2019-20

Insured	Exemption List
Self & family	25,000
Self & family + Parents	25,000 + 25,000 = 50,000
Self & family + Parents (senior citizens)	25,000 + 50,000 = 75,000
Self (senior citizen) & family + Parents (senior citizens)	50,000 + 50,000 = 1,00,000

The provisions under section 80D are:

• Any mode of payment (debit cards, credit cards, electronic transfer, etc.) is acceptable for claiming deduction under Section 80D, except premium amount remitted by cash. Payment for preventive health check-up, however, can be made in cash.
• Deductions can only be claimed for premiums paid for dependent children. Premium paid for earning kids is excluded in this section.
• You can claim an additional deduction of Rs. 5,000 for expenses related to health check-ups. This limit includes health check-up expense of all the dependents in the family.

Section 80D: Income Tax Deduction for F.Y 2017-18 / A.Y 2018-19

Insured	Exemption List
Self & family	25,000
Self & family + Parents	25,000 + 25,000 = 50,000
Self & family + Parents (senior citizens)	25,000 + 30,000 = 55,000
Self (senior citizen) & family + Parents (senior citizens)	30,000 + 30,000 = 60,000

Section 80C and 80D

Often times, people confuse Section 80C with Section 80D. Under Section 80C, deductions can be claimed up to Rs. 1,50,000, whereas under Section 80D, deductions can be claimed up to Rs. 1,00,000. Tax benefits can be availed on life insurance premium payment, tax saving fixed deposits, PPF, ELSS, etc. under Section 80C of the Income Tax Act. Section 80D governs the deductions on premium for health insurance policy.

Download Automated All in One TDS on Salary for West Bengal Government Employees for the Financial Year 2018-19 & Ass Year 2019-20 [ This Excel Utility can prepare at a time your Income Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure as per W.B.Govt. Employees Salary Pattern + Automatic House Rent Exemption Calculation U/s 10(13A) + Automated Form 16 Part-A&B and Form 16 Part B for F.Y.2018-19]

Read More