Budget 2013: OPPI wants increase in deduction with respect to health insurance premium

NEW DELHI: Organisation of Pharmaceutical Producers of India (OPPI) in its budget 2013 wish-list has asked the government to government to increase the deduction to an individual or HUF under Section 80D with respect to health insurance premium paid.

The quantum of deduction of Rs 15,000 (available to individuals), Rs 20,000 (available to senior citizens) was determined in Finance Act 2007. OPPI has recommended that it be enhanced to Rs 40,000 (for individuals) and Rs 50,000 (for senior citizens) to reflect the inflation and increase in cost of living in the country.

Finance Minister P Chidambaram will present Budget 2013, on February 28th during the budget session of the Parliament. The industry is hoping or a reformist, rather than a populist budget.