Professional Documents
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Permissibledeductions
Permissibledeductions
Permissibledeductions
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Sec. 80C
Deductions in respect of Life insurance premium, deferred annuity, contribution to
provident fund, subscription to certain equity shares or debentures etc.
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Deductions U/s 80 C
5. As contribution toPublicProvident Fundscheme, 1968, in the
name of self, spouse and any child in case ofindividualand any
member in case of HUF.
6. As contribution by an employee to arecognisedprovident
fund.
7. As
contribution
by
an
employee
to
anapproved
superannuation fund.
8. Any sum deposited in a10 year or 15 year account under the
Post Office Savings Bank (CTD) Rules, 1959, in the name of
self and as a guardian of minor in case ofindividualand in the
name of any member in case of HUF.
9. Subscription to the NSC (VIII issue).
10.. As a contribution to Unit-linked Insurance Plan (ULIP) of UTI or
LIC Mutual Fund (Dhanraksha plan) in the name of self, spouse
and child in case ofindividualand any member in case of HUF.
11.To effect or to keep in force a contract for suchannuityplan of the
LIC (i.e., Jeevan Dhara, sanjaydessai@gmail.com
Jeevan Akshay and their upgradations) or5
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any other insurer as referred to in by the Central Government
Deductions U/s 80 C
12. As subscription toany units of any Mutual Fundreferred u/s.
10(23D)(Equity Linked Saving Schemes).
13. As a contribution by anindividualto anypension fundset up
by any Mutual Fund referred u/s 10(23D).
14. As subscription to any such deposit scheme ofNational
Housing Bank (NHB), or as a contribution to any such pension
fund set up by NHB as notified by Central Government
15. As subscription tonotified deposit schemesof (a) Public
sector
company
providing
long-term
finance
for
purchase/construction of residential houses in India or (b) Any
authority constituted in India for the purposes of housing or
planning, development or improvement of cities, towns and
villages.
16. Astuition
fees(excluding
any
payment
towards
any
development fees or donation or payment of similar nature), to
any university, college, school or other educational institution
situated within India for the purpose of full-time education of any
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two children ofindividual.
Deductions U/s 80 C
17.Towards the cost ofpurchase or construction of a residential
house property(including the repayment of loans taken from
Government, bank, LIC, NHB, specified assessees employer etc.,
and also the stamp duty, registration fees and other expenses for
transfer of such house property to the assessee). The income from
such house property should be chargeable to tax under the head
Income from house property.
18.As subscription toequity shares or debenturesforming part of
any eligible issue of capital of public company or any public
financial institutionapproved by Board.
19.AsTerm Deposit(Fixed Deposit)for 5 years or more with
Scheduled Bankin accordance with a scheme framed and
notified by the Central Government.
20.As subscription to any notified bonds of National Bank for
Agriculture and Rural Development (NABARD).
21.In an account under theSenior Citizen Savings Schemes
Rules, 2004.
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22.As five year term depositin an account under thePost Office
Deductions U/s 80 C
Extent of Deduction
100% of the amount invested or Rs.
1,00,000/- whichever is less. However, as
per Section 80CCE, the total deduction the
assessee can claim u/s 80C, 80CCC and
80CCD shall be restricted in aggregate to
Rs. 1,00,000/-.
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80CCD
80CCD- Deduction in respect of
contribution to a notified pension
sachems (NPS)
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80G Donation
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Amount of deduction
Without any ceiling of 10% of adjusted Gross Total
Income:
100% of deduction if donation given to
1. National Defence Fund set up by the Central Government
2. Prime Ministers National Relief Fund
3. Prime Ministers Armenia Earthquake Relief Fund
4. Africa (Public Contributions India) Fund
5. National Foundation for Communal Harmony
6. An approved university/educational institution of National
eminence;
7. The Maharashtra Chief Ministers Relief Fund during October 1,
1993 and October 6,1993;
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Without ceiling of 10
percent
50% of deduction if donation given to
1. Jawaharlal Nehru Memorial Fund
2. Prime Ministers Drought Relief Fund
3. National Childrens Fund
4. Indira Gandhi Memorial Trust
5. Rajiv Gandhi Foundation.
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80TTA.
Applicable to Individual and HUF
Income by way of interest on deposits (not
being time deposits) in a savings account with
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Extent of Deduction
(a) Rs. 50,000/- in case of normal
disability or
(b) Rs. 1,00,000/- in case of severe
disability.
Severe Disability means a person
suffering from 80% or more
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