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Deductions From Total Income
Deductions From Total Income
Deductions From Total Income
80C: Savings
Eligible Assessee:
(a) Individual : Self, Spouse, Children (b) HUF : Any member of HUF
Amount of Deduction:
Qualifying Investments
Life Insurance Policy: 1. In case of Individual Self, spouse, children (minor or major, dependent or independent, married or unmarried) 2. In case of HUF Any member of HUF. 3. Amount of Deduction:
Qualifying Investments
Provident Fund:
Statutory Provident Fund (SPF) Recognized Provident Fund (RPF) Public Provident Fund (PPF) Post office Cumulative Time Deposit (POCTD): 5 years / 10 years / 15 years National Saving Certificate (NSC) & Interest on NSC: Interest is taxed under Income from Other Sources Deduction u/s 80C. Fixed Deposit in Bank: 5 years (Scheduled Bank)
Qualifying Investments
Senior Citizen Savings Scheme: Tuition Fees:
a) Eligible Assessee only Individual b) Only Tuition Fees not donation. c) Paid to University, College, School / Educational Institution d) Situated in India e) Only Full Time Education f) For any TWO CHILDREN g) Child may be major / minor, dependent/independent
New House:
a) Principal Repayment of any Housing Loan from Bank or
accrued thereon. Housing Finance Deposits, Notified bonds of NABARD and Investment in Infrastructure Shares/ Debentures / Units Note: Kisan Vikas Patra Not Eligible
before 3 years
5. Withdrawal from SCSS / PO-CTD before 5 years
3. To effect or keep in force a contract for any annuity plan of LIC of India/any other insurer.
4. For receiving pension from a fund. 5. Quantum of Deduction
3.