Can a small business owner deduct their health insurance premiums on their taxes?
Curious about Small-Business Taxes
Yes, small business owners in India can deduct their health insurance premiums on their taxes. Under Section 80D of the Income Tax Act, selfemployed individuals can claim a deduction of up to Rs. 25,000 for health insurance premiums paid for themselves, their spouse, and dependent children. Additionally, an additional deduction of up to Rs. 25,000 can be claimed for health insurance premiums paid for parents who are less than 60 years of age. If the parents are 60 years or older, the deduction limit is increased to Rs. 50,000.