Hi, Could anybody please tell me whether there is a further deduction of Rs. 1 lakh in addition to the existing limit under Section 80C. This question is based on the answer as provided in The Hindu today(Business column) under the head'Deduction for annuity policies is additionally available'. Please clarify
4 Replies
Amir
(Learner)
(4016 Points)
Replied 01 February 2010
Dear Manju,
Yes 80 CCC provides for deduction of annuity policies but then aggregate of deduction u/s 80c, 80ccc & 80ccd cannot exceed Rs. 1,00,000/-
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 01 February 2010
Hi manju,
80 CCC, on its individual basis provide u additional DEDUCTION FOR ANNUITY POLICIES (i.e apart from 80 - c which already provides for deductions LIC and allied policies)......
But, the aggregate deduction u/s 80C, 80CCC and 80CCD is Rs. 1,00,000....
C.Balaji
(Learner)
(1867 Points)
Replied 01 February 2010
Dear Manju...
80 CCC provides for deduction of annuity policies but 80CCE restricts deduction u/s 80c, 80ccc & 80ccd to Rs. 1,00,000/- only...
Agree with Mr.Amir....
Manju
(CA FINAL STUDENT)
(98 Points)
Replied 01 February 2010
Thank you , but i had this doubt because of the article
Recent Topics
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
Related Threads
CAclubindia
