DEDUCTIONS Under CHAPTER VI-A

Deductions in respect of investment in specified assets 80C

INTRODUCTION
Available to individual and HUF Maximum qualifying amount is Rs. 100,000 in aggregate in respect of deductions u/s 80C, 80CCC and 80CCD.

Deductions in respect of investment in specified assets 80C (contd.)

Premium paid on insurance on the life of the individual, spouse or child (minor or major) and in the case of HUF, any member thereof, to the extent of 20% of the capital sum assured. Contribution to any provident fund under Provident Fund Act, 1925. Subscription to any National Savings Certificate VIII issue Contribution to Unit linked Insurance Plan, 1971.

Deductions in respect of investment in specified assets 80C (contd.)

Subscription to any deposit scheme or contribution to any pension fund set up by National Housing Bank Tuition fees within India for the purpose of full time education of any 2 children of the individual. Subscription to any deposit scheme of any public sector company Investment in term deposit with scheduled bank for a period of not less than 5 years

Deductions in respect of investment in specified assets 80C (contd.)

Subscription to bonds issued by NABARD 5 year term deposit in an account under Post Office Time Deposit Rules, 1981. Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004. Subscription to any such scheme of a public sector company which is engaged in providing long term finance for construction or purchase of houses in India for residential purpose.

Deduction in respect of contribution to certain pension funds 80CCC

Individual Annuity plan of LIC or any other insurer for receiving pension from the fund. On receipt of such sum by the individual or nominee on account of surrender or as pension, such amount will be taxable as income of the PY in which such withdrawal is made or pension is received.

Deduction in respect of contribution to pension scheme of Central govt. 80CCD