I have a basic doubt,
I am paying tax RS 2000/- per month. So per anum 24000/-.
If I pay medical insurance for 15000/-, how much money I could save ?
Printable View
I have a basic doubt,
I am paying tax RS 2000/- per month. So per anum 24000/-.
If I pay medical insurance for 15000/-, how much money I could save ?
Dear Dhruv,
I assume that your income is Rs.250000/- per annum (ignoring 80C deduction) if you pay medical insurance for Rs.15000/- then your taxable income will be
Gross Total Income : Rs.250000/-
Less : Deduction u/s 80D : Rs.15000/-
Taxable Income : Rs.235000
Tax on Rs.235000/- is Rs.21000/- so you made a tax saving of Rs.3000/-. (ignoring education cess)