CA Umesh Sharma
Quick Summary
In this enlightening fictional dialogue between Arjuna and Krishna, readers explore the tax benefits available on insurance premiums under the Income Tax Act. Krishna explains how life insurance premiums under Section 80C and health or Mediclaim policies under Section 80D provide much-needed tax rel
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FAQ :
Under the old tax regime, premiums paid for life insurance policies are eligible for deduction under Section 80C, while premiums for health insurance, Mediclaim, and critical illness policies can be claimed under Section 80D.
No, generally, tax deductions for life insurance and health insurance premiums are not available if you opt for the new tax regime under Section 115BAC.
You can claim up to £25,000 for yourself, spouse, children, or parents (below 60). For senior citizen parents, the limit is £50,000. This is in addition to the Section 80C limit.
Yes, for businesses, premiums paid on keyman insurance are treated as a business expense and are tax-deductible. However, the payout received from the policy is taxable.
From FY 2024-25, policyholders must provide the name of the insurance company and the policy number when filing their Income Tax Return (ITR) for claimed medical premiums.
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