Health insurers seek higher tax deductions, lower GST on policies
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IANS
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Published on
Thu, Jan 28 2021 14:57 IST
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GST.. Image Source: IANS News
New Delhi, Jan 28 : The health insurance sector has sought favourable tax treatment from the government to help penetrate this important security to the masses especially on account of rising hospitalisation bills during the pandemic.
In a set of recommendations involving tax treatment for health insurance policies, the industry had urged the government to immediately increase the 80 D tax deduction benefit for individuals on their premium payment for health insurance policies.
The limit currently stands at around d Rs 25,000 for health insurance cover for self and family and additional amount of Rs 25,000 for premium payment towards health policies taken for dependent parents upto 60 years of age and Rs 50,000 deduction for cover to patents above 60 years.