Sec 80c deduction & all allowance exemption limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2013
Plz list the all eligible deductions under section 80C
and also list the all allowance exemption limit under salary head.
and also list the all allowance exemption limit under salary head.
09 December 2013
1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
2. To effect or keep in force a deferred annuity contract on life of self, spouse and any child in case of individual. Such contract should not contain a provision for cash payment option in lieu of payment of annuity.
3. By way of deduction from salary payable by or on behalf of the Government to any individual for the purpose of securing to him a deferred annuity or making provision for his spouse or children. The sum so deducted does not exceed 1/5th of the salary.
4. As contribution (not being repayment of loan) by an individual to Statutory Provident Fund; i.e., any provident fund to which the Provident Funds Act, 1925, applies.
5. As contribution to Public Provident Fund scheme, 1968, in the name of self, spouse and any child in case of individual and any member in case of HUF.
6. As contribution by an employee to a recognised provident fund.
7. As contribution by an employee to an approved superannuation fund.
8. Any sum deposited in a 10 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 of individual and 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 of individual and any member in case of HUF.
11. To effect or to keep in force a contract for such annuity plan of the LIC (i.e., Jeevan Dhara, Jeevan Akshay and their upgradations) or any other insurer as referred to in by the Central Government.
12. As subscription to any units of any Mutual Fund referred u/s. 10(23D) (Equity Linked Saving Schemes).
13. As a contribution by an individual to any pension fund set up by any Mutual Fund referred u/s 10(23D).
14. As subscription to any such deposit scheme of National Housing Bank (NHB), or as a contribution to any such pension fund set up by NHB as notified by Central Government.
15. As subscription to notified deposit schemes of (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. As tuition 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 two children of individual.
17. Towards the cost of purchase or construction of a residential house property (including the repayment of loans taken from Government, bank, LIC, NHB, specified assessee’s 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 to equity shares or debentures forming part of any eligible issue of capital of public company or any public financial institution approved by Board.
19. As Term Deposit (Fixed Deposit) for 5 years or more with Scheduled Bank in 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 the Senior Citizen Savings Schemes Rules, 2004.
22. As five year term deposit in an account under the Post Office Time deposit Rules, 1981.
2. To effect or keep in force a deferred annuity contract on life of self, spouse and any child in case of individual. Such contract should not contain a provision for cash payment option in lieu of payment of annuity.
3. By way of deduction from salary payable by or on behalf of the Government to any individual for the purpose of securing to him a deferred annuity or making provision for his spouse or children. The sum so deducted does not exceed 1/5th of the salary.
4. As contribution (not being repayment of loan) by an individual to Statutory Provident Fund; i.e., any provident fund to which the Provident Funds Act, 1925, applies.
5. As contribution to Public Provident Fund scheme, 1968, in the name of self, spouse and any child in case of individual and any member in case of HUF.
6. As contribution by an employee to a recognised provident fund.
7. As contribution by an employee to an approved superannuation fund.
8. Any sum deposited in a 10 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 of individual and 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 of individual and any member in case of HUF.
11. To effect or to keep in force a contract for such annuity plan of the LIC (i.e., Jeevan Dhara, Jeevan Akshay and their upgradations) or any other insurer as referred to in by the Central Government.
12. As subscription to any units of any Mutual Fund referred u/s. 10(23D) (Equity Linked Saving Schemes).
13. As a contribution by an individual to any pension fund set up by any Mutual Fund referred u/s 10(23D).
14. As subscription to any such deposit scheme of National Housing Bank (NHB), or as a contribution to any such pension fund set up by NHB as notified by Central Government.
15. As subscription to notified deposit schemes of (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. As tuition 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 two children of individual.
17. Towards the cost of purchase or construction of a residential house property (including the repayment of loans taken from Government, bank, LIC, NHB, specified assessee’s 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 to equity shares or debentures forming part of any eligible issue of capital of public company or any public financial institution approved by Board.
19. As Term Deposit (Fixed Deposit) for 5 years or more with Scheduled Bank in 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 the Senior Citizen Savings Schemes Rules, 2004.
22. As five year term deposit in an account under the Post Office Time deposit Rules, 1981.
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09 December 2013
1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
2. To effect or keep in force a deferred annuity contract on life of self, spouse and any child in case of individual. Such contract should not contain a provision for cash payment option in lieu of payment of annuity.
3. By way of deduction from salary payable by or on behalf of the Government to any individual for the purpose of securing to him a deferred annuity or making provision for his spouse or children. The sum so deducted does not exceed 1/5th of the salary.
4. As contribution (not being repayment of loan) by an individual to Statutory Provident Fund; i.e., any provident fund to which the Provident Funds Act, 1925, applies.
5. As contribution to Public Provident Fund scheme, 1968, in the name of self, spouse and any child in case of individual and any member in case of HUF.
6. As contribution by an employee to a recognised provident fund.
7. As contribution by an employee to an approved superannuation fund.
8. Any sum deposited in a 10 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 of individual and 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 of individual and any member in case of HUF.
11. To effect or to keep in force a contract for such annuity plan of the LIC (i.e., Jeevan Dhara, Jeevan Akshay and their upgradations) or any other insurer as referred to in by the Central Government.
12. As subscription to any units of any Mutual Fund referred u/s. 10(23D) (Equity Linked Saving Schemes).
13. As a contribution by an individual to any pension fund set up by any Mutual Fund referred u/s 10(23D).
14. As subscription to any such deposit scheme of National Housing Bank (NHB), or as a contribution to any such pension fund set up by NHB as notified by Central Government.
15. As subscription to notified deposit schemes of (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. As tuition 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 two children of individual.
17. Towards the cost of purchase or construction of a residential house property (including the repayment of loans taken from Government, bank, LIC, NHB, specified assessee’s 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 to equity shares or debentures forming part of any eligible issue of capital of public company or any public financial institution approved by Board.
19. As Term Deposit (Fixed Deposit) for 5 years or more with Scheduled Bank in 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 the Senior Citizen Savings Schemes Rules, 2004.
22. As five year term deposit in an account under the Post Office Time deposit Rules, 1981.
2. To effect or keep in force a deferred annuity contract on life of self, spouse and any child in case of individual. Such contract should not contain a provision for cash payment option in lieu of payment of annuity.
3. By way of deduction from salary payable by or on behalf of the Government to any individual for the purpose of securing to him a deferred annuity or making provision for his spouse or children. The sum so deducted does not exceed 1/5th of the salary.
4. As contribution (not being repayment of loan) by an individual to Statutory Provident Fund; i.e., any provident fund to which the Provident Funds Act, 1925, applies.
5. As contribution to Public Provident Fund scheme, 1968, in the name of self, spouse and any child in case of individual and any member in case of HUF.
6. As contribution by an employee to a recognised provident fund.
7. As contribution by an employee to an approved superannuation fund.
8. Any sum deposited in a 10 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 of individual and 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 of individual and any member in case of HUF.
11. To effect or to keep in force a contract for such annuity plan of the LIC (i.e., Jeevan Dhara, Jeevan Akshay and their upgradations) or any other insurer as referred to in by the Central Government.
12. As subscription to any units of any Mutual Fund referred u/s. 10(23D) (Equity Linked Saving Schemes).
13. As a contribution by an individual to any pension fund set up by any Mutual Fund referred u/s 10(23D).
14. As subscription to any such deposit scheme of National Housing Bank (NHB), or as a contribution to any such pension fund set up by NHB as notified by Central Government.
15. As subscription to notified deposit schemes of (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. As tuition 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 two children of individual.
17. Towards the cost of purchase or construction of a residential house property (including the repayment of loans taken from Government, bank, LIC, NHB, specified assessee’s 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 to equity shares or debentures forming part of any eligible issue of capital of public company or any public financial institution approved by Board.
19. As Term Deposit (Fixed Deposit) for 5 years or more with Scheduled Bank in 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 the Senior Citizen Savings Schemes Rules, 2004.
22. As five year term deposit in an account under the Post Office Time deposit Rules, 1981.
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2013
thanks for posting the answer for 80c deduction.
Sir I hv required also all allowances exemption limit.
Sir I hv required also all allowances exemption limit.
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