Health Insurance Tax Benefit 80C: A Comprehensive Guide to Tax Savings
Under Section 80C of the Income Tax Act, the “health insurance tax benefit 80c” is a valuable tax deduction that encourages individuals and families to purchase health insurance plans. For instance, a taxpayer with an annual income of 500,000 and paying 10,000 as health insurance premium can deduct this amount from their gross income before calculating taxable income, resulting in tax savings.