Tax To-Do list: Health is wealth – quite literally

If you are looking for both protection for yourself and your family, Section 80D qualifies for tax deduction in mediclaim policies. In today’s world, stress and lifestyles are having an adverse impact on our personal and family health. Medical Policies and health plans help you and your family members by protecting them from sudden medical expenses. However, most people fail to avail maximum benefits of this section by not investing as per the advised limit. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs. 15,000. In case of a senior citizen, it extends up to Rs. 20,000. Moreover, the focus among families should also be on Preventive health check-ups that are advised to be a regular part of your health plan.
Investment in mediclaim policies under section 80 D gives you the benefit to ensure a healthy lifestyle, protection against sudden problems and still save money on it.
Here is a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:

• Expand your investment portfolio
• Claim what is rightfully yours
• Self assessment – a must do
• All sources are good sources- report money from everywhere
• Deadlines matter: honor the due date to file your return
• If it’s exempt, why hide it?
• Non declaration of income earned from previous employer