List of Various Deductions Under Section 80C – Tax Saving

List of Various Reductions Under Section 80 C. reduction under area 80 c. Deduction U/S 80 C in respect of Life Insurance Premium, Contribution to PF, etc., (Just Individuals/HUF). Find List of Earnings Tax Deduction under area 80 C. Section 80 C offers reduction to (a) an individual; (b) a Hindu undistracted family for financial investments made in defined properties subject to an optimum amount of’ one lakh and fifty thousand rupees.

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Needs To Check Out– Deduction For Medical Insurance Coverage Premium U/Sec 80 d

Content in this Short Article.

List of Numerous Deductions Under Area 80 C

You can declare the deduction under area 80 C according to follows:

  • A.Y. 2020-21: Approximately 1,50,00 0/-
  • A.Y. 2019-20: As much as 1,50,00 0/-
  • A.Y. 2018-19: Up to 1,50,00 0/-
  • A.Y. 2017-18: As much as 1,50,00 0/-
  • A.Y. 2016-17: As much as 1,50,00 0/-
  • A.Y. 2015-16: As much as 1,50,00 0/-
  • A.Y. 2014-15: As much as 1,00,00 0/-

Readily available deduction in the hands of INDIVIDUALS Just:

  • Any payment made by the Person to keep in force a contract of Non commutable Deferred Annuity on the life of himself, Spouse, any Child of the Person
  • Any amount subtracted from Income payable by the Govt., for the purpose of protecting to him Deferred Annuity. Nevertheless deduction should not go beyond 1/5th of wage.
  • Contribution to SPF/RPF.
  • Contribution towards approved Superannuation Fund.
  • Membership to National Cost Savings Scheme.
  • Subscription to NSC, even interest on that is qualified for reduction
  • Subscription Systems of Shared Fund/UTI
  • Contribution to a Pension Fund set up by a Mutual Fund/ UTI/ National Real Estate Bank
  • Deposit with National Housing Bank, HUDCO
  • Deposits with a PSU providing Long term finance for building and construction or Purchase of Residential Houses in India.
  • Deposits with informed Housing Boards set up under Law for Preparation, Establishing and Enhancement of Cities/ Towns / Villages.
  • Tuition Charges paid to University, College, School or other Education Institution positioned in India for full time education of Children, other Donation or Advancement Costs. ( Maximum 2 Kid)
  • Housing Loan / Expense
  • Membership to authorized Equity Shares or Debentures of a Public Business or a Public Banks, and the whole earnings of the concern is utilized wholl and specifically for Power Generation or Infrastructure Facility Company. ( Holding Duration minimum 3 Years)
  • Term Deposit for atleast 5 years with a Scheduled Bank.
  • Membership to notified NABARD Bonds.
  • Deposit under the Senior Person Cost savings plan
  • 5 year Time Deposit in an account under the Post Office Time Deposit rules.

Needs To Check Out– Section 43 B Deductions Based Actual Payments

Offered deduction in the hands of INDIVIDUALS & HUF:

  • Any amount paid by an Individual to impact or to keep in force an Insurance coverage on the life of an Person, his/her Partner, any Child ( whether married/unmarried or dependent/not reliant). In case of the HUF, the premium needs to be paid on the life of any member of the household.

KEEP IN MIND: Premium paid on life insurance coverage policy surpassing 20% of the capital amount ensured is not eligible for reduction (Appropriate for policy provided prior to 01/04/2012) Maximum Premium deductible = 10% of Real Sum assured. (15% for persons covered u/s 80 U/80 DDB)

  • Contribution to a PPF. Minimum Rs. 500 & Optimum Rs. 1 Lakh
  • Contribution to ULIP of LIC/UTI and continuous for minimum period of 5 years.
  • Contribution to Annuity Strategies of Insurance coverage Business.

Must Check Out– Reduction For Donation Under Area 80 G

Other Points for Sec. 80 C

  • The total limit under this section is Rs 1.50 lakh from Financial year 2014-15/ Evaluation Year 2015-16 Prior To FY 2014-15 the limit was Rs. 1 Lakh. Under this heading many small cost savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and financial investment in given federal government facilities bonds are likewise qualified for deduction under Area 80 C
  • If the assessee transfers the HP in respect of which reduction has been declared, prior to the expiration of 5 years from the end of the FY in which ownership of such homes acquired by him. No reduction shall be permitted in the PY in which home is moved. Deduction permitted in the earlier years, shall be considered to be income of the assessee of the PY, in which the home is transferred.
  • In case a member participating in the ULIP ends before making the contribution for 5 years, then the same treatment shall be offered as offered in point 2.
  • Reduction is available only if amount is paid/contributed/ invested throughout the previous year i.e. on or before 31 st of March.

Should Check Out–

  • Reduction for School Fees Paid u/s 80 c
  • Reduction of Principal of Real estate loan and Its Interest
  • Is deduction permitted stamp task

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