As the financial year draws to a close, people are rushing to avail tax benefits under the Income Tax Act. Of these, Section 30C of the Income Tax Act is the most well-known. There is another deduction under Chapter VI A of the Income Tax Act and that is deduction under section 80D.

The deduction under section 80D relates to the premium paid for health insurance

If the individual or HUF taxpayer himself is below 60 years of age, he can take a maximum deduction of Rs 5,000 under section 80D.

The deduction is for the health insurance premium itself, the spouse and the dependent children. In addition, if the taxpayer's parents are below 60 years of age, another premium of Rs 5,000 can be deducted from their premium. If the parents are above 60 years of age, a deduction of Rs. 50,000 can be taken for their premium.

The accompanying table gives information on how much deduction a taxpayer can get in different age-related situations.

Preventive health check-up

The government has also started deductions of preventive health check-ups from the financial year 2016-17 to make the citizens more health-conscious and vigilant. The purpose behind providing such facility is to protect the citizens from serious diseases by conducting check-ups.

There is also a deduction of Rs 5,000 for preventive health check-up under section 80D. This deduction falls within the applicable limit of 5,000 or 20,000. Deduction of preventive health check-up can be taken by the taxpayer himself, his spouse, dependent children or dependent parents. Payment for preventive health check-up can be made in cash.

Section 30 DD - Divyang dependent person

Deduction for rehabilitation of disabled dependents is available under section 30DD. This deduction can be availed by the resident individual or HUF taxpayer for the following expenses ...

A) Expenses incurred for medical treatment (including nursing), training and rehabilitation of the disabled person.

B) Deposits or payments made in a special scheme for the maintenance of a disabled person.

1) A definite deduction of Rs.

2) If the disability is 50% or more, the fixed deduction amount is Rs. 1,2,000.

A certificate of disability must be obtained from the prescribed medical authority to obtain this deduction.

Section 30 DDB - Medical Expenses

Deduction for medical expenses for self or dependent relatives

A) For individual and HUF taxpayer below 60 years of age:

Deductions of up to Rs 50,000 are available for resident individual or HUF taxpayer. This deduction is for expenses incurred by the taxpayer for the treatment of certain ailments for himself or for his dependent relatives. This deduction for HUF is paid for the cost of treatment of any of the HUF members' defined illnesses.

B) Senior citizens and ultra senior citizens

The individual taxpayer or HUF taxpayer can take a deduction of up to Rs.

C) For reimbursement claim

If the insurance company or the employer of the salaried taxpayer pays reimbursement for medical expenses, the amount will be deducted from the deduction received under this section. It is important to remember that to claim this deduction you must have a prescription for medical treatment from the relevant specialist.

Article 30 U - Physical Disability

A resident of India who is suffering from physical disability (including blindness) or mental retardation

For this you get a deduction of Rs. 5,000. If the disability is more severe then the deduction amount is Rs. 1,2,000.

After the above discussion, you will now understand that the above sections of the Income Tax Act can be availed every year. It doesn't matter if you can't use it this year, make sure you use it from next year. To do this, it is advisable to start from the month of April.