What Is The Difference between Section 80D and 80C in Taxes?
What Is The Difference between Section 80D and 80C in Taxes?
Share
Sign Up to our corporate Questions & Answers Engine. A fastest-growing platform for professional aspirants.
Welcome back to our corporate Questions & Answers Engine. A fastest-growing platform for professional aspirants.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Sometimes, Section 80D is confused with its more popular Section 80C, and for obvious reasons. While Section 80C provides deductions up to Rs.1.5 lakhs per annum, Section 80D allows for deductions from Rs. 25,000 to Rs. 1,00,000 subject to certain conditions. Another major differentiating factor is the inclusion of investments in Section 80C which are made in a wide range of financial instruments such as life insurance premium, mutual funds, small savings schemes etc. On the other hand, Section 80D is exclusively meant for deductions on health insurance premiums paid.
Mediclaim Deductions under Section 80D
Under Section 80D, deductions of Mediclaim happens in order to keep your insurance policy active. This insurance policy could either be for the policyholder or for the spouse of the policyholder. Mediclaim is vital as it is a great means to take care of your medical bills, just in case you fall ill and require medical