Income Tax Budget 2024 Expectations LIVE Updates: Increase tax deduction for medical insurance premium
“There’s a pressing need to enhance the deduction limit for medical insurance premiums. Proposing an increase from ₹25,000 to ₹50,000 for individuals and from ₹50,000 to ₹75,000 for senior citizens would not only align with rising healthcare costs but also promote accessibility to healthcare by including Section 80D benefits in the new tax system. Addressing the long-standing demand from market participants, a reconsideration of the tax exemption limit on savings accounts under Section 80TTA is essential. This move would provide relief to individuals amidst economic challenges, particularly in a climate of reduced household savings rates and increased prices of essential commodities,” says Sanchit Vijay, Partner, Corporate Professionals.
