Section 80D
Tax term
Section 80D allows a deduction for health-insurance premiums — up to ₹25,000 for yourself and family, and another ₹25,000 (₹50,000 if senior citizens) for parents.
Like 80C, it applies under the old regime only. It is one of the few deductions that rewards a genuinely useful purchase — health cover — rather than locking money away.
More tax terms
Section 80CSection 80C lets you deduct up to ₹1.5 lakh a year from your taxable income for specified investments and expenses — but only under the old tax regime.LTCGLTCG is the profit on an asset held beyond a threshold period — and it is taxed at a lower rate than short-term gains.STCGSTCG is the profit on an asset sold within the short-term holding period, taxed at a higher rate than long-term gains.Section 87A RebateThe Section 87A rebate cancels your income tax entirely if your taxable income is at or below a threshold — making lower incomes effectively tax-free.Standard DeductionThe standard deduction is a flat amount subtracted from salary income before tax, with no bills or proof required.HRA ExemptionHRA exemption lets salaried people who pay rent reduce their taxable income — available only under the old regime.