Automatic Income Tax Preparation Excel Based Software for the Govt and Non-Govt employees. Income tax deduction for payment of health insurance premium is defined under 80D Therefore, Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the health of self, spouse and dependent children. The Income Tax Act commends people for buying health insurance by allowing them to deduct premiums on their insurance policies. In other words, Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the…