With just a day left to file the Income Tax Return (ITR) for the Assessment Year (AY) 2020-21 just before the due date gets more than on January 10, 2021, unless extended, the assessees – whose earnings needn’t be audited – are in a hurry to file their return of earnings.
However, there are some concerns that the assessees need to have to hold in their thoughts to full the filing concerns smoothly.
One of the concerns is the web page containing declaration of overall health insurance coverage premium and/or costs produced on preventive overall health checkup and/or expense of therapy u/s 80D of the Income Tax Act.
For Individuals beneath 60 years of age
The very first element u/s 80D is the overall health insurance coverage premium, exactly where, presently, an person may perhaps claim deduction up to Rs 25,000 in a year for self and family members of beneath 60 years of age. Such an person may perhaps also claim deduction up to Rs 5,000 on preventive overall health checkup inside the general limit of Rs 25,000.
In such a case, you have to choose ‘No’ against the query – “Whether you or any of your family member (excluding parents) is a senior citizen?” In case no deduction is claimed, you have to choose, ‘Not claimed for self/family’, against the query.
For Senior Citizens
On the other hand, the deduction limit u/s 80D is Rs 50,000 for senior citizens, which may perhaps be claimed on payment of overall health insurance coverage premium or on costs for health-related therapy, such as expense of medicines, in case no insurance coverage is there. Senior citizen men and women may perhaps also claim deductions on preventive overall health checkup inside the general limit of Rs 50,000.
In such a case, you have to choose ‘Yes’ against the queries – “Whether you or any of your family member (excluding parents) is a senior citizen?”
For Assessees and Parents beneath 60 years of age
In case an assessee has incurred the costs permitted as deductions u/s 80D for his/her parents, he/she may perhaps also claim deductions for the identical along with deductions for self and family members.
Corona Kavach and Corona Rakshak: Q&A on Covid-particular overall health insurance plans
In case, none of the family members members and parents are senior citizens, total deductions permitted u/s 80D on costs produced for self and family members and for parents are up to Rs 50,000 – i.e. up to Rs 25,000 for self and family members and up to Rs 25,000 for non-senior citizen parents.
In such a case, you have to choose ‘No’ against each the queries – “Whether you or any of your family member (excluding parents) is a senior citizen?” and “Whether any one of your parents is a senior citizen?”
For Individuals beneath 60 years and Senior Citizen Parents
Similarly, if costs are produced on self and family members with no senior citizen member and on senior citizen parents, total deductions may perhaps be claimed u/s 80D is up to Rs 75,000, i.e. up to Rs 25,000 for self and family members and up to Rs 50,000 for senior citizen parents.
In such a case, you have to choose ‘No’ against the query – “Whether you or any of your family member (excluding parents) is a senior citizen?” and ‘Yes’ against the query “Whether any one of your parents is a senior citizen?”
For Senior Citizen Individuals and Parents
On the other hand, in case costs are produced on self and family members getting senior citizen members and on senior citizen parents, total deductions may perhaps be claimed u/s 80D is up to Rs 1 lakh, i.e. up to Rs 50,000 for self and family members and up to Rs 50,000 for senior citizen parents.
In such a case, you have to choose ‘Yes’ against each the queries – “Whether you or any of your family member (excluding parents) is a senior citizen?” and “Whether any one of your parents is a senior citizen?”
When No Deduction is Claimed
However, in case you are not claiming any deductions u/s 80D for self/family members or for parents or for none, you nevertheless have to go to the 80D web page to declare that you are not going to claim any deductions, else you will not be in a position to submit your ITR.
In case no deduction is claimed, you have to choose, ‘Not claimed for self/family’ and/or ‘Not claiming for parents’, against the queries respectively.