How to Fill Schedule 80D in ITR?

Posted on: Nov 30, 2023 | | Written by: None

How to Fill Schedule 80D in ITR?

Published on November 20, 2023. EST READ TIME: 3 minutes

Buying a health insurance policy at an early age is a smart way to secure your health and finances. This insurance product can cover a chunk of your medical bills and keep your savings intact. Moreover, you can also claim annual tax deductions on the premiums paid towards your healthcare policy and save a tidy sum of money.

If you are below 60 years, you can claim deductions of up to INR 25,000 every year. On the other hand, senior citizens can claim a maximum deduction of INR 50,000 annually. If you pay premiums for your parents, who are senior citizens, you can enjoy a tax rebate of up to INR 75,000 annually. If all policyholders are above 60, you can enjoy deductions of up to INR 1 lakh every year.

To claim this deduction, visit the Income Tax e-filing portal and fill out Schedule 80D in ITR.

Steps to Fill Schedule 80D in ITR

You can fill Schedule 80D in ITR at the time of filing your income tax returns for the last financial year. The following are the steps to fill Schedule 80D while filing your ITR online:

1. Go to the ITR e-filing portal and log in with your credentials.

2. From the list of ITR forms, select either ITR-1 Sahaj or ITR-4 Sugam, whichever is appropriate.

3. Go to "Gross Total Income" and click on "Tax Deductions".

4. You will be directed to a page with questions related to tax deductions. Go to the 5th question, i.e., "Are you eligible to claim deductions in respect of payments towards medical insurance premium and/or preventive health check-up and/or medical expenditure" and click on ‘Yes’.

5. On the next window, fill out Schedule 80D correctly. Enter your health insurance premium amount therein and the sum you spent on preventive health check-ups in the given financial year. If you pay premiums for your parents, fill in the required details to claim a deduction.

6. Once you have filled in the details correctly, click on the ‘Submit’ option.

The Income Tax Department will authenticate the details and adjust your taxable income.

This is how you can fill Schedule 80D in ITR online and claim a tax deduction or refund. Most importantly, to claim tax deduction under Section 80D of the Income Tax Act, make sure you pay the policy premiums online or through a cheque or demand draft. The Income Tax department will not consider policy premiums paid in cash.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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