12 May 2009
Section 80 C provides an assesee with the Deduction from Gross total Income if payment/investment is made in specified things. The list of payments that are deductible U/s 80C are as follows: (Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.) 1)a contribution by an individual to any provident fund to which the Provident Funds Act applies 2)a contribution by an employee to a recognised provident fund 3)a contribution by an employee to an approved superannuation fund 4)subscription to any security of the Central Government or any deposit scheme specified. 5)subscription to savings certificate defined in Government Savings Certificates Act 6)a contributionn to unit-linked insurance plan of the LIC Mutual Fund 7)a contribution by an individual to any pension fund 8)subscription to deposit scheme of the National Housing Bank 9)as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature) 10)for the purposes of purchase or construction of a residential house property . Only principal amount. 11)as term deposit for a fixed period of not less than five years with a scheduled bank 12)as five year time deposit in an account under the Post Office
The above mentioned list is given just as an example. Specific details can be sought out from IT book for the AY 2009-10
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