NATIONAL LAW UNIVERSITY ODISHA, CUTTACK

DIRECT TAXATION

TOPIC – PERMISSIBLE DEDUCTIONS FROM GROSS TOTAL

INCOME – WHEN AND WHAT DESUCTIONS AVAILABLE UNDER
SECTION 80C , 8CCA, 80CCB, 80CCD ,80CCG, 80GGB ,80GGD
SEMESTER - VI

SUBMITTED TO SUBMITTED BY
DR.PRIYANKA ANAND PARUL PRIYA NAYAK
(Asst. Professor of Law) ( 18ba074)
DR. KAUSHIKI BRAHMA
(Asst. Professor of Law)
 TABLE OF CONTENT
LEARNING OUTCOME...........................................................................................................3

CHAPTER OVERVIEW...........................................................................................................3

PERMISSIBLE DEDUCTIONS FROM GROSS TOTAL INCOME.......................................4

DEDUCTIONS UNDER SECTIONS 80C............................................................................4

“SECTION 80CCA- DEDUCTION IN RESPECT OF DEPOSITS UNDER NATIONAL

SAVINGS SCHEME OR PAYMENT TO A DEFERRED ANNUITY PLAN”..................4

SECTION 80 CCA(1)........................................................................................................4

SECTION 80CCA(2).........................................................................................................5

SECTION 80CCA(3).........................................................................................................5

SECTION 80CCD..................................................................................................................6

Section 80CCD(1B) – Additional deduction over and above Section 80CCD(1).............6

Section 80CCD(2) – For Contribution made by Employer or Central Government.........6

SECTION 80CCG - Deduction for the investment made under an equity saving scheme....7

SECTION 80 GGB - Deduction in respect of contributions given by companies to political

parties.....................................................................................................................................7

CASE ANALYSIS...............................................................................................................10

Grasim Industries Ltd. vs. UOI 2011 (273) E.L. T. 10 (S.C.).........................................10

Commissioner vs. Steel Authority of India Ltd. 2012 (283) E.L.T. A112 (S.C.)............10

Hero Motorcorp Ltd v CCE [2013 (288) ELT 82 (TRI-DEL)].......................................11

ILLUSTRATIONS...............................................................................................................13

PRACTICE QUESTIONS...................................................................................................15

BIBLIOGRAPHY....................................................................................................................17

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 LEARNING OUTCOME

After reading this chapter the learner should be able to understand the meaning of deduction.
It will identify the types of deductions from gross total income. They know about tax benefits
of certain person Individuals on Political Donations. It gives a basic idea about the deduction
of your income salary if you have taken any loan for study or to buy a house then how much
it deducts from your Annual income. It will be able to compute the amount of GST, and the
taxable income assessed to determine the residential status.

CHAPTER OVERVIEW

This chapter seeks to analyse various subsections of Income Tax of Sections 80 and it allows
the gross total income of the assessment that they can claim the deduction permitted,
expenditures, investments, donations, etc. These deductions allow assessing to reduce the tax
payable. This system tax is deducted at the origin of the income.

The charge is deducted by the payer and is transmitted to the Government by the payer in the
interest of the payee. This discuss about the some provisions of deduction of tax that are
applied to several payments such as educational fees , professional fees , royalty , brokage ,
interest , salary , commission and contract payments etc. With the respect to their payments
in which the TDS provisions apply , the payment made by them and their payer has to deduct
the tax at a source on which the payments can be made by themselves and to deposit the tax
to the government. Overall this chapter give an idea about deduction in our salary , loan and
daily life deductions.

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 PERMISSIBLE DEDUCTIONS FROM GROSS TOTAL INCOME
“DEDUCTIONS UNDER 80C”

Deduction that which is deducted , that whish is subtracted or removed .A sum can be
removed from tax calculations something that is written off.

In order to calculate the total income of an assesse the deduction of 80C to shall be allowed
and these deductions are as follows:

The deduction is available to individuals and the amount of deduction to Hindu Divided
Individuals that should be paid or deposited is less than 1,15,000 and the maximum limit is
1,15,000. Deduction under section 80 C is provided in respect of contribution to provident
fund life insurance premium, etc.

“SECTION 80CCA- DEDUCTION IN RESPECT OF DEPOSITS UNDER

NATIONAL SAVINGS SCHEME OR PAYMENT TO A DEFERRED ANNUITY
PLAN”.
SECTION 80 CCA(1)1

The Provision that related to deposits under the Payment to a deferred annuity plan or
National Savings Scheme under Section”80CCA. Those who are The deduction is available
to individuals and Hindu Undivided Family and under the section 80CCA is restricted to the
limit of prescribed the section 80C that the total amount of deduction should be claimed.

The credit of the assessee where any amount left out the deductions have to granted along
with that interest they received such amount was withdrawn for whole or in instalments in
any previous year. Some amount that was received due to the strategy or bonus or annuity of
the surrender in any previous year in the life Insurance Corporation.

The income of the previous year will be liable for the tax accordingly it shall be received the
amount that is withdrawal in the previous year of the assessee income that shall be known the
whole of the amount to the equal amount.

The surrender has to decide before the 1st day of October 1992, they had to pay the amount
before the 1st day of April 1992 said by for the annuity plan, any quantity that gained by the

1
“Deduction u/s 80CCA - Deduction in respect of deposits under National Savings Scheme or payment to a”
deferred annuity plan - Exemptions and Deductions - Income Tax ( TMI - Tax Management India. Com, 6 th
January 2020 ) https://www.taxmanagementindia.com/visitor/detail_manual.asp?ID=1878 Accessed on 12 th
April 2021

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assessed taxability amount will be not applied to that surrender account of the policy of the
Life Insurance Corporation with the conditions of the plan annuity.

When the members of a Hindu undivided family occurred where a partition or where the
deductions have been allowed by the group of people had been dismantled, if the person is
liable for taxation then the assessee of the income and that there receipt.

SECTION 80CCA(2)2

Any amount that is standing for the credit of the assesses under the scheme that was referred
in the clause of sub-section (1) under this section respect to the deduction that has been
allowed with the interest that accrued together on the same amount that is withdrawn in
instalment or a whole in any of the previous year.

The policy life of the insurance Corporation or bonus according to that annuity plan the
amount should be received from them, that is the total amount equal to the referred clause (a)
or (b) the assessee as shall be accepted as the income for the previous year when the
withdrawal made or any amount was received, and tax accordingly of the previous year of
1998.

SECTION 80CCA(3)3

Where a division between members of a party of persons or Hindu undivided family has
occurred to after the deduction has been permitted under the sub-section (1), that the
provisions of the sub-section (2) should be apply as though the individual of the assessee
therein the receipt of income referred the assessee, excluding anything found in any other
clause of this Act.

The explanation I: It is clarified that, notwithstanding the manner and degree stated in sub-
section (1), the scheme referred to in clause I under interest on deposits shall not be liable to
taxation (2).

Explanation II: "Life Insurance Corporation" shall have the same interpretation given in
clause (a) of sub-section 8 of section 80C.

2
‘Section - 80CCA: Deduction in respect of deposits under National Savings Scheme or payment to a deferred
annuity plan’ ( HostBooks, 28th February 2018 ) https://www.hostbooks.com/in/income-tax-act-1961/section-
80cca-deduction-respect-deposits-national-savings-scheme-payment-deferred-annuity-plan/ Accessed on 14 th
April 2021
3
Sandeep Kanoi|, ‘Income Tax - Articles- Trending’ ( TaxGuru, 15 th Sep 2019 ) https://taxguru.in/income-
tax/deduction-section-80ccc-income-tax-act.html Accessed on 15th April 2021

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SECTION 80CCD4

These "deductions" are used primarily by employees or self-employed for contributions to

state-announced pension funds such as the National Pension System (NPS).

Now for better understanding this section divided into three parts and listed below :

Section "80CCD (1) - For Contribution made by Salaried Employees/Self Employed person
Section "80CCD (1B) - Additional deduction over and above Section 80CCD(1)

Section“ 80CCD(2) – For Contribution made by Employer for his employee's Section
80CCD(1) – For Contribution made by Salaried Employees or Self Employed person

These “rules apply to all employees. Self-employed, as well as government and non-
governmental organizations. There are no specifications for residents in this section, so it also
applies to foreigners. "

The deduction u/s 80CCD(1) quantified as”follows:

i) For Employees – 10% of their salary in the previous year 10% of his salary in the
ii) For“Self Employed Person – 20% of their gross total income in the previous year”
Note: For this section, "salary" its includes dearness allowance, if it excludes all other
allowances and perquisites the terms of employment so provide”

Section 80CCD(1B) – Additional deduction over and above Section 80CCD(1)

This sub-section is introduced by Finance Act, 20155 As per this sub-section, the assessee i.e
Salaried employee or Self-Employed person both can claim additional Rs 50,000/- as
deduction which is over and above Rs. 150000 as available u/s 80C, 80CCC and 80CCD(1).
This is also for the contribution made towards the notified pension scheme.

Section 80CCD(2) – For Contribution made by Employer or Central Government

This section comes into play when the any other employer and Central Government that
makes any contribution to the account of an assessee that referred the Section 80CCD(1).
Now, how this deduction will work in Income Tax Return is a little different as compared to
other deductions.

For section 80CCD(1) & 80CCD(2) Salary means Basic Pay + Dearness Allowance.

4
“Section 80CCD(1B) Deduction: About NPS Scheme & Tax Benefits ( Section 80CCD(1B) Deduction | About
NPS Scheme & Tax Benefits” , March 30, 2021 ) https://cleartax.in/s/section-80-ccd-1b#:~:text=Section
%2080CCD%20of%20the%20income,contributions%20made%20to%20the%20NPS. Accessed on 16th April
5

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 Section Maximum Deduction
80C+80CCD(1)+80CCD(2) Up to 1,50,000
80CCD(1B) Up to 50,000
Total Maximum deduction Up to 2,00,000

SECTION 80CCG6 - “Deduction for the investment made under an equity saving
scheme”

The investment that made under any “Equity saving scheme or Rajiv Gandhi Equity
Saving Scheme” .

The deductions that are eligible for deduction under section”80ccg those who invest any of
the securities that are eligible under 80CCG for tax – deductions and that are mutual fund
schemes, Units of ETFs, Securities of CNX100/ BSE, and shares of Maharatna /Miniratna
/Navratna.

The eligibility criteria for deductions under this section 80CCG apply only to those who are
first-time equity investors and it must have a lock period of a minimum of three years. The
individual can claim the deductions if their income must not exceed Rs. 12 lakh in the
assessment year. It only applies to individual taxpayers and it allowed up to 50 percent of the
total invited and that should not be exceeding Rs. 50,000 in a year.

SECTION 80 GGB7 - “Deduction in respect of contributions given by companies to

political parties”.

In respect to the equity-linked saving scheme the investment made under, the deduction is
available under section 80CCB that the deduction from gross total payment can be claimed
by the eligible assessee can be any Individual and Hindu Undivided family. The limit of
exemption is if the deduction amount of is claimed deduction under section 80CCB and it is
restricted to the limit prescribed under the section 80C and 10,000 is the maximum deduction
that is allowed.

6
Section 80CCG - Phasing out of RGESS ( Pinchy,4 th January 2021) https://cleartax.in/s/phasing-out-of-
section-80ccg Accessed on 19th April 2021
7
Section 80GGB Deductions: Donations to Political parties, ( Section 80GGB Deductions | Donations to
Political parties,9th April 2021) https://cleartax.in/s/section-80ggb Accessed on 21st April 2021

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The Conditions for the exemption of an Individual and Hindu Individual Family acquired in
the previous year, out of their income tax is chargeable, under clause (23D) of section 10
mutual fund is specified under the Act of Unit Trust and unit trust of India that established
Act, 1963 (52 of 1963), according to any plan that the central government formulated with
any such scheme may be notified by the official Gazette in their behalf. There will be no
deduction will be allowed any amount that comes under subsection or after the 1 st day of
April 1992

The principles and conditions governing contributions to political parties in India are outlined
in Section 80GGB. As a result, donations to political parties must be made using alternative
payment methods such as cheque Demand Draft or Electronic Transfer. The most important
thing you should have in mind Section 80 GGB prohibits monetary donations. Under Section
80 GGB of the Income Tax Act, there is no upper applicable cap on donations to political
parties. Companies, on the other hand, will pay up to 7.5 percent of their annual net profit
under the Companies Act of 2013. (three years average). The number must be disclosed by
the corresponding corporation.

The contributions made under Section 80 GGB include a few variations. A Public Sector
Company A business that is less than three years old. Any advertising by an organization on a
website owned by a political party will be considered a donation under Section 80 GGB,
according to the new guidelines. There is no restriction on how much money may be donated
to a political party, although it is required that an organization appropriately pay the money
and maintain a record of it. If the funds were raised by election shares, the company's Profit
and Loss Account would not need to include the name of the political party, Just the money
charged is considered.

SECTION 80GGC8- Tax Benefits to certain person Individuals on Political Donations

If the Salaried Employee donates to any Electoral Trust or political party , then he can avail
tax deduction under section 80GGC. But the condition for this is that this donation should not
be in cash. The benefit of tax deduction can be found in the entire amount of donations. But
the deduction amount should not be more than the total taxable income of the person.

8
Sandeep Kanoi, “Deduction under section 80GGC of Income Tax Act” ( TaxGuru,1 st October 2019 )
https://taxguru.in/income-tax/deduction-section-80ggc.html Accessed on 23rd April 2021

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The deduction under section 80GGC that categories of persons qualify for claiming by an
assessee being a person. The government partly funded or wholly by any artificial juridical
person and any local authorities cannot be claimed the deduction and even companies cannot
be claimed.

Any other political party's donation or contribution will not be eligible for a deduction under
section 80GGC. It should be remembered that the above-mentioned political party only refers
to one that is enlisted under Section 29A of the portrayal of the People Act, 1951 donations or
contributions that qualify for a section 80GGC deduction To be eligible for a deduction under
section 80GGC, a person must donate or contribute to only two entities they are  an electoral
trust and a political party..

In other words, under the section 80GGC, a contribution to a political party or electoral trust
is qualified for a 100 percent of  deduction. Amount of deduction available under section
80GGC The whole amount of contribution/donation is available as a deduction under section
80GGC.

Further, any contribution and donations made in-kind likewise don't fit the bill for allowance
under area 80GGC. Any contribution and donations through cash are not eligible for
allowance under area 80GGC.Qualifying The mode of instalment for clamming deduction
under area 80GGC, an assesses can be adopt any method of instalment which is connected
through a financial channel like online through net banking or request to draft or check or
charge card" and so on

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CASE ANALYSIS
“Grasim Industries Ltd. vs. UOI 2011 (273) E.L. T. 10 (S.C.)”

The “assessee was the producer of the white concrete. He fixed his exhausted hardware/
portions of the concrete assembling plant at its workshops like harmed roller, shafts, and
coupling with the assistance of welding anodes, gentle steel, cutting apparatuses, M.S. Points,
M.S. Channels, M.S. Shafts, and so forth In this interaction of fix, M.S. scrap, and Iron piece
were produced. The assessee cleared this metal piece and waste without paying any extract
obligation. The Office gave a show-cause notice requesting obligation on the said squander
fighting that the interaction of age of scrap and waste added up to the production as far as
segment 2(f) of the Central Excise Act”9.

The Court found that any phase that is ancillary or incidental to the fulfilment of the
manufactured product that qualifies as manufacture under section 2(f). This was the process'
could be a manufacturing process or a process related that the final product's manufacturing
process, as long as it includes bringing some kind of modification to the basic material at
various stages through various operations. As a result, Iron scrap and M.S. scrap cannot be
considered by-products of the finished product. It's a by-product of the repair process at its
best. It was determined that the production of snippet or waste material during the restoration
of worn-out machinery/parts of a cement production factory does not include production.

9
“2011 (273) E.L. T. 10 (S.C.)”

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“Commissioner vs. Steel Authority of India Ltd. 2012 (283) E.L.T. A112 (S.C.)”

The Iron ore was mined by the Steel Authority of India Ltd. Steel Authority of India Ltd was
processing iron ore from mines and going to subject it to, grinding, crushing, screening, and
washing to concentrate the ores, according to the Authority.

The “Department reported that the respondents' mining operation was carried out using a
fully mechanized method, that they were mining iron ores from mines, and that the ores were
then grinding screening and washing to extract foreign materials and concentrate the ores,
that water is applied to enhance the flowability of the material by removing sticky particles at
each point of washing, and that the methods they used involved removing sections of foreign
material from the ores and raising the Iron content (i.e. iron content), so the products obtained
by such a process would qualify as concentrate”10.

The Steel Authority of India claimed that washing iron ore itself would never be able to turn
it was washed into concentrates without the need for processing. The assesses also claimed
that the concentrates were made by advancing the material as far as Iron content and
expanding the mineral's Iron content by isolating and dispensing with various
contaminations. That in this cycle, low - Iron content that mineral was ground to an
extremely fine consistency and that went through the different cycles to create concentrates,
however that in the current case, they didn't utilize this interaction and there was no
distinction in the Iron substance of iron metal extricated from their mines and the Iron
substance of held onto iron metal.

The Department argued that any ore that has part or all of its extraneous, foreign matter
extracted after being subjected to physical or physicochemical processes, such as crushing,
grinding, etc., is referred to as concentrate, and that the item acquired after the respondents
measures was iron metal concentrate just, not iron metal.

The Court found that ruled that the extracting foreign materials that came from iron ore,
which entails collect iron ore from mines and then the crushing, filtering, grinding, and
washing it to remove foreign from the materials in order to concentrate those ores, would not
result in the development of a new industrial commodity. The Central Excise Duty on iron
ore concentrate is empty.

10
“2012 (283) E.L.T. A112 (S.C.)”

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“Hero Motorcorp Ltd v CCE 2013 (288) ELT 82 (TRI-DEL)”

The taxpayers are involved in that production of motorcycles and motorcycle parts. That the a
citizens cleared from their Daruhera production line in Haryana to a Spare Parts Division in a
free condition (SPD) in Gurgaon after the payment of duty on 110 percent of the cost of
production “i.e. the value determined as per Rules 8 and 9 of the Central Excise Valuation
Rules, 2000”. Spare Part Division Gurgaon cleared them after paying duty and packaged
such loose motor parts for retail sale based on the value calculated under the Section of 4A of
the Central Excise Act, 1944.

The“Revenue Authorities insisted that taxpayers pay duty on spare parts clearances from
Daruhera to SPD, Gurgaon, based on the value calculated under Section 4 A. The taxpayers
said that the motorcycle parts were cleared in bulk by the Daruhera unit and were not packed
for retail sale at that time. Packaging for retail sale was also completed at SPD, Gurgaon,
where MRP tags were affixed to the packages. The taxpayers also claimed that the provisions
of the Standards of Weight and Measures Act, 1976 (SWM Act) and the Standards of Weight
and Measures (Packaged Commodities) Rules, 1977 (SWM Rules) did not apply to loose
parts because those provisions only applied to commodities that were packaged for retail
sale”11.

The Tribunal stated that for Section 4A to apply, the Solid Waste Management Rules must
require the declaration of the MRP of the goods on their packages or the Solid Waste
Management Act. In the case of commodities packed for retail sale did such a condition exist.
The Tribunal went on to say that because the goods cleared in loose condition to SPD,
Gurgaon were not packed items, the demand for duty on them was considered unsustainable.

11
2013 (288) ELT 82 (TRI-DEL)

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ILLUSTRATIONS

Illustration 1: Suppose Rahul's total income in India is 42,000 for the assessment year 2018-
19, which includes 60,000 in long-term capital gains, 30,000 in winning lottery tickets, and
20,000 in short-term capital gains protected under section 80C. If his agricultural revenue for
the previous year was, the tax due will be 35,00,000.

Illustration 2: Mr. Arun's gross net income for the assessment year 2018-19 is Rs. 7, 80,000,
which includes Rupees. 6, 80,000 in long-term capital gain? During the year, Arun has
deposited Rs. 2,60,000 in the PPF. Calculate the tax obligation assuming I Arun is under 60
years old and (ii) Arun is over 60 years old.

Illustration 3 : Mr. Amit came to India from London for the first time on 10.10.2016. Amit
returns to his home after staying in India up to 05.07.2017. Will Amit be a resident in India
for the assessment year 2016-17.

Illustration 4 : Mr. Ram works for Sugar Ltd. and earns a monthly salary of 40,000 dollars.
Ram is therefore entitled to a 30 percent dearness premium on his base salary. For retirement
income, 80% of the dearness allowance is included in the pay. He receives a monthly HRA of
$25,000 from the firm. Ram has earned a $10,000 raise in his base salary as of January 1,
2016. He paid a total of 30,000 in salary arrears from previous years during the 2014-15
fiscal year. Ram stayed with his parents until November 30, 2016. Ram has been renting an
apartment in Delhi since December 1, 2016, and pays a monthly rent of 14,500 rupees.
Calculate his gross salary for the 2017-18 financial year.

Illustration 5 : Ms. Nikita is a finance manager for a private firm in Chennai, and she is 30
years old. On May 1, 2011, she was promoted to the grade of 50,000-2,000-30,000. (salary
falls due on the last day of the month). She also receives Rs. 5,000 a month in dearness pay,
which is not included in her wages. Her boss had provided her with a rent-free, unfurnished
house that she had leased for Rs. 50,000 per year. She also has a gardener, a watchman, and a
personal attendant, who are paid Rs. 15,000, Rs. 17,000, and Rs. 19,000 per year,
respectively, by the boss. She drives the business car for official reasons. Mrs. Nikita's
employer and she both contribute 18% of their income to the agreed provident fund. She won
a reward of Rs. 75,000 (for winning the camel race) and bank interest of Rs. 5,60,000 (fixed
deposit interest: Rs. 2,71,500 + saving bank: Rs. 38,450) in the previous fiscal year 2015-16.
On January 19, 2015, she sells her Tata chemicals reward shares (which she has owned since

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1992) for Rs. 7, 25,000. In addition to the 2% brokerage, she owes Rs. 950 in stock market
levy. Calculate Nika's net sales for fiscal year 2016-17.

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PRACTICE QUESTIONS

1. Rishab's gross total income as a self-employed person is Rs. 7, 80,000. Rishab has
invested Rs. 1,40,000 in the Public Provident Fund (PPF) and Rs. 1,20,000 in the central
government's pension scheme. Calculate his taxable earnings.

Solution :

Gross total income 7, 80,000

Less: deduction u/s 80C (1, 40,000)

Deduction u/s 80CCD (78,000)

(subjected to 10% of salary) (1, 50,000)

6, 30,000

2. Deepak, his wife, and their two sons and daughter are all self-employed. Deepak and
his partner are not in their golden years. Raj kishore pays a total of Rs 10,000 in
medical claim premiums for himself, Rs 15,000 for his child, and Rs 10,000 for each of
his sons. He also contributes Rs 20,000 for each of his elderly parents. Calculate the sum
of the deduction under section 80D.

Solution :

Amount of deduction under Section 80D

Surcharge in respect of wife Rs 10,000

Surcharge for himself Rs. 15,000

Surcharge in respect of children (not dependent) Nil

Total amount Rs 25 ,000 restricted to Rs 20,000

Add: Surcharge in respect of parents

(senior citizens) Rs 40,000 restricted to maximum Rs 36,000

Deduction available under section 80D Rs 56,000

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3. Mr. Vishal, with a salary of Rs. 7,90,000, borrows Rs. 25,00,000 from Indian Bank at
a rate of 10% on 01.04.2014 and purchases a home property for Rs. 30,00,000 on
04.04.2014. Vishal has been used as a personal residence since its purchase. He does not
own any apartment, property at the time of the loan. Vishal has put in a limit of Rs.
2,00,000 under section 80C. Calculate his gross earnings.

Solution:

Deduction under section 80C 2,00,000

Deduction under section 80EE 2,00,000

4,00,000

4 . Ravi's gross total income for the 2017-18 assessment year is Rs. 15,00,000. In 2016-
17, he borrowed Rs. 8,00,000 from a bank to pursue his LLB at the National Law
University. He paid back the first instalment of Rs. 50,000 plus interest of Rs. 100,000.
Calculate his gross earnings for the fiscal year 2016-17.

Solution :

Gross Total Income 15, 00,000

Less: deduction u/s 80E 1,00,000

Total Income 14,00,000

5 . An international company provided services to A Soya Chicks Ltd. They are bound
to pay know-how charges tax-free under the deal. Under income-tax law, TDS of 45
percent is needed. The sum collected is tax-free at a rate of 46.2 percent TDS and 11.46
percent service tax. Calculate the amount of service tax that must be charged.

Solution: When the price stated in the consultancy Agreement is net, everything being equal,
expenses, and other government charges that were accumulated notwithstanding the value, at
that point the thought, including annual duty deducted at source, is assessable worth in the
possession of the assistance buyer for the Act. Since the agreement cost was net of charges,
the duty due in India was to be included in the contract price. As a result, the fee paid for the
service rendered would contain income tax withheld at source following the contract's terms.

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 BIBLOGRAPHY

 https://www.taxmanagementindia.com/visitor/detail_manual.asp?ID=1878
 https://www.hostbooks.com/in/income-tax-act-1961/section-80cca-deduction-respect-
deposits-national-savings-scheme-payment-deferred-annuity-plan/
 https://taxguru.in/income-tax/deduction-section-80ccc-income-tax-act
 https://cleartax.in/s/section-80-ccd 1b#:~:text=Section%2080CCD%20of%20the
%20income,contributions%20made%20to%20the%20NPS. Accessed on 16th April
 https://cleartax.in/s/phasing-out-of-section-80ccg
 https://taxguru.in/income-tax/deduction-section-80ggc

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