List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C. Hi, Friends here we are providing Complete List of available Deductions U/S 80C for AY 2016-17 or FY 2015-16. In this article, you can find a list of Available deduction in the hands of INDIVIDUALS Only, a list of Available deduction in the hands of INDIVIDUALS & HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete
Contribution to a set up by a Mutual Fund/ UTI/ National Housing Bank Tuition Fees paid to University, College, or other Education Institution situated in India for full-time education of Children, other Donation or Development Fees. (Maximum 2 Children)
Term Deposit for at least 5 years with a Scheduled Bank. Subscription to notified NABARD Bonds.
A deposit under the 5 year Time Deposit in an account under the Post Office Time Deposit NSC. G.P.F./VPF/EPF
· Any sum paid by an Individual to effect or to keep in force an Insurance on the life of an Individual, his/her Spouse, any Child (whether married/unmarried or dependent/not dependent). In the case of the HUF, the premium should be paid in the life of any member of the family.
· Contribution to a PPF . Minimum Rs. 500 & Maximum Rs. 1.5 Lakh
· Contribution to of LIC/UTI and continuous for a minimum period of 5 years.
· Contribution to Annuity Plans of Insurance Companies.
1. The total limit under this section is Under this heading many small savings schemes like NSC, PPF, and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C
2. If the assessee transfers the HP in respect of which deduction has been claimed, before the expiry of 5 years from the end of the F.Y in which possession of such properties obtained by him. No deduction shall be allowed in the PY in which house is transferred. The deduction allowed in the earlier years shall be deemed to be income of the assessee of the PY, in which the house is transferred.
3. In case a member participating in the ULIP terminates before making the contribution for 5 years, then the same treatment shall be given as given in point 2.
4. DThe deduction is available only if amount is paid/contributed/ invested during the previous year i.e. on or before 31st of March.
5. Additional Deduction U/s 80CCD(2) :- Employer’s Contribution to the Employee’s Pension Fund.
6. Additional Exemption U/s 80CCD(1B) :- Max Rs. 50,000/- out of Max Limit 1.5 Lakh U/s 80C.