Section 80DDB is a provision in the Income Tax Act that allows individuals to claim deductions for expenses incurred on the treatment of specified illnesses. This section aims to ease the financial burden on taxpayers dealing with medical challenges.
Under Section 80DDB, eligible individuals can claim a deduction for the amount spent on medical treatment of specified illnesses for themselves or their dependents. This deduction is applicable when filing income tax returns.
Individuals who can claim deductions under Section 80DDB include the taxpayer, spouse, parents, children, and siblings. It's important to note that the taxpayer should be a resident of India for the deduction to be applicable.
Section 80DDB covers a range of medical treatments, including hospitalization, diagnostic tests, and the purchase of prescribed medicines. The treatments must be related to specified illnesses such as cancer, neurological diseases, chronic renal failure, etc.
The amount claimed under Section 80DDB is subject to specified limits. For individuals below 60 years, the maximum deduction is Rs. 40,000, and for senior citizens (60 years and above), it's Rs. 1,00,000. It's crucial to maintain proper documentation of medical expenses for a smooth deduction process.
Note: It's essential to note that tax laws may be subject to changes, and it's advisable to check the latest tax regulations or consult with a tax professional for the most current information regarding preventive health check-up deductions under Section 80DDB. Disclaimer: Standard T&C apply. Alliance Insurance Brokers Private Limited | 8th Floor, Gold Crest, NS Road No. 10, Juhu, Vile Parle (W) Mumbai 400 049, India | Toll Free No. 1800 266 9693 | Composite Broker | CIN: U67200MH2003PTC141621 | IRDAI Registration No. 217 | Valid till 12/10/2024 | EL/MEDIA/23-24/108