Sec 80c of income tax act pdf

In fact, those assessees whose total taxable income fall under higher income tax brackets can save In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section 2 , as does not exceed one hundred and fifty thousand rupees.

Both the assessees may deduct the aggregate of the amount paid or deposited in the previous year in respect of life insurance premium, deferred annuity, contribution to provident funds, subscription to deposit schemes, equity shares or debentures etc. Accordingly, not only the investments and subscriptions but also the expenditure made during the previous year would qualify under this section.

Such premium amounts, irrespective of one or more insurance policies, shall be included in section 80C deduction. Thus, the LIP paid for the life of mother, father, brothers and sisters etc. However, in the case of a Hindu undivided family, the premium paid for the life of any HUF member shall be deducted under section 80C. Note that insurance shall also include a policy of insurance for the benefit of a minor with the object of enabling the minor, after he has attained majority to secure insurance on his own life by adopting the policy and on his being alive on a date after such adoption specified in the policy in this behalf.

As inserted by the Finance Act, , w. However, earlier to the above amendment i. In accordance with the new proviso inserted in sub-section 3A of section 80C by the Finance Act, , w. Actual Capital Sum Assured in relation to a life insurance policy shall mean the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy.

However, such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity. Premium paid in previous year to effect or to keep in force a contract for a deferred annuity except LIC Annuity Plan as discussed above on the life of yourself, your spouse or your children.

However, such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity;. The best part of this annuity pan is that such contract for a deferred annuity need not necessarily be with an insurance company and therefore such a contract can be entered into with any person.

Any amount deducted from the salary of a Government employee by or on behalf of the Government for the purpose of securing to him a deferred annuity or making provision for his spouse or children. However, the sum so deducted does not exceed one-fifth of the salary i.

The deduction under section 80C shall be made for a contribution by an individual to any provident fund to which the Provident Funds Act, applies or any provident fund set up by the Central Government i. As subscription to any such security of the Central Government or any such deposit scheme as that Government may, by notification in the Official Gazette, specify in this behalf. You can purchase any savings certificate defined under in clause c of section 2 of the Government Savings Certificates Act, and notified by the CG i.

As a contribution in the name of you or your spouse or your children for participation in any such unit-linked insurance plan of the LIC Mutual Fund referred to in clause 23D of section Provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity;.

A the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or.

B the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after the issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; or.

C any expenditure in respect of which deduction is allowable under the provisions of section 24;. Paid E-filing by Expert CAs. Notify me of new posts by email. Also remember that you need get a prescription for such medical treatment from the concerned specialist in order to be able to claim such deduction.

In simple terms, you can reduce up to Rs 1,50, from your total taxable income through section 80C. Read on to know everything about PPF. In this case, the maximum deduction Rohan can claim under 8c0 80D is Rs. If you plan your taxes carefully, you can easily maximise your tax savings.

Deductions under Section 80C Tax deductions under section 80C allow you to claim a deduction of maximum Xeductions 1. However, the minimum period of employment is relaxed to days in the case of apparel industry. There is no limit on the amount of interest you can claim as deduction under section 80E.

Tax payer is an individual and he is employed by the central government on or after January 1,or employed by any other person or self employed.

The permitted deduction is Rs 75, under normal disability and Rs 1,25, under severe disability. Check out the conditions that must be fulfilled and deductions under this section. Find out how you can claim deductions under section 80gg for rent paid. You can claim deduction for investments made in the return of income 8u the year in which you have made the investment. Expenditure incurred on medical treatment including nursingtraining and rehabilitation of listt dependent relative b.

In-kind contributions such as food material, clothes, medicines etc do not qualify for deduction under section 80G. This amendment will take effect from 1st April, and will, accordingly, apply in relation to the assessment year and subsequent assessment years.

Entire amount of interest is deducatble for max of 8 08c. In addition to this, you will also be eligible dwductions claim deduction of premium paid on the policy taken for your senior citizen parents upto a maximum of Rs 50, this limit was Rs 30, until FY How to file GST Returns?