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Section 80d fy2018-19 sr. citizen limit 50000 or 30000?
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)
"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 !!!
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
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
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.
I.e. due to just 'COPY PASTE'
Amish, it does happen if you are typing from your phone. Formatting goes off.
If you type on laptop or computer, the formatting will remain intact.
I am typing from laptop. Browser is Firefox. And I am not copy-pasting. I am actually typing.
let it be.
let's not think upon it so much, it doesn't matters till your queries gets solved
let's not think upon it so much, it doesn't matters till your queries gets solved
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