03 February 2024
AN ASSESSEE CONTRIBUTES TOWARDS PENSIONER NATIONAL HEALTH INSURANCE SCHEME & ALSO PENSIONER FAMILY SECURITY FUND . I WANT TO KNOW TAX BENEFITS OF THOSE CONTRIBUTION FOR ASST YEAR 2024-25
06 July 2024
For the Assessment Year 2024-25, contributions made towards the Pensioner National Health Insurance Scheme (PNHIS) and Pensioner Family Security Fund (PFSF) may qualify for tax benefits under the Income Tax Act, 1961. Here's a detailed explanation:
### 1. Pensioner National Health Insurance Scheme (PNHIS)
- **Tax Deduction under Section 80D**: Contributions made towards health insurance premiums for senior citizens, including under the Pensioner National Health Insurance Scheme, are eligible for deduction under Section 80D of the Income Tax Act. - **Maximum Deduction**: - For senior citizens (aged 60 years and above), including pensioners, the maximum deduction allowed under Section 80D is up to Rs. 50,000 per annum. - If the premium is paid for parents (who may also be pensioners), an additional deduction of up to Rs. 50,000 can be claimed, provided they are not covered under any health insurance scheme. - Therefore, a total deduction of up to Rs. 1 lakh (Rs. 50,000 for self and Rs. 50,000 for parents) can be claimed under Section 80D.
### 2. Pensioner Family Security Fund (PFSF)
- **Tax Benefit**: Contributions made towards the Pensioner Family Security Fund generally fall under the purview of social security contributions. However, the specific tax benefits, if any, would depend on whether these contributions are recognized under the Income Tax Act for deductions or exemptions. - **Verification**: To determine the exact tax benefits for contributions made towards the Pensioner Family Security Fund, it is advisable to review any specific notifications or guidelines issued by the Income Tax Department or consult with a tax advisor.
### Additional Considerations:
- Ensure that contributions are made in accordance with the guidelines and are eligible for tax benefits under the provisions of the Income Tax Act. - Keep proper documentation and receipts of contributions made towards both schemes to claim deductions effectively during tax filing.
### Conclusion:
Contributions towards the Pensioner National Health Insurance Scheme (PNHIS) are eligible for deductions under Section 80D of the Income Tax Act, subject to specified limits. For the Pensioner Family Security Fund (PFSF), eligibility for tax benefits would depend on the specific provisions applicable under the Income Tax Act. It is recommended to consult with a tax advisor or chartered accountant to ensure compliance and maximize tax benefits based on your individual circumstances.
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