Section 80d fy2018-19 sr. citizen limit 50000 or 30000?

283 views 7 replies

Amish

General

340 Points Joined April 2010

Hello, I was reading amendment to Income tax as per Finance Act 2018 Amendment of section 80D. It says: 26. In section 80D of the Income-tax Act, with effect from the 1st day of April, 2019,— (A) in sub-section (2),— (i) for the words "thirty thousand rupees" wherever they occur, the words "fifty thousand rupees" shall be substituted; (ii) in the first proviso occurring after clause (d), the word "very" shall be omitted; Now I am confused if its effect from 1st April 2019 then will I get exempt of 50000 for 80D health insurance this year (FY2018-2019) or from next year (FY2019-2020)? Can anyone clarify? Because many tax websites mention its 50000 from FY2018-2019 Even income tax calculator shows 50000 But then the amendment specifically says w.e.f from 1st April 2019

Replies (7)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210651 Points Joined July 2016

"But then the amendment specifically says w.e.f from 1st April 2019 ..."
It means applicable from AY 2019-20.

i.e.. from FY 2018-19 !!!

Sahil Jain (FAFD, DISA, CA)

Practicing Chartered Accountant

2481 Points Joined June 2013

Yes you will get exemption of 50,000 from F.Y. 18-19

The amendment was brought in Budget 2018 which is applicable from F.Y. 18-19

Since returns starts filing from 1.4.19 for F.Y. 18-19, it is written w.e.f. 1.4.19

Amish

General

340 Points Joined April 2010

Ah! Ok. Thank you. Thats actually confusing way to specify the date and applicable year for new readers. PS: Off-topic - I dont understand why formatting for all my posts get lost. It appears that I wrote everything in one line even if I am posting in paragraphs.