List of Various Deductions Under Section 80C – Tax Saving

List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc.

Raju Choudhary

List of Various Deductions US 80C

List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C. Section 80C provides deduction to (a) an individual; (b) a Hindu undivided family for investments made in specified assets subject to a maximum amount of’ one lakh and fifty thousand rupees. In this article you can find list of Available deduction in the hands of INDIVIDUALS Only, list of Available deduction in the hands of INDIVIDUALS and HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete List of Various Deductions Under Section 80C

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List of Various Deductions Under Section 80C

You can claim the deduction under section 80C as per follows:

  • A.Y. 2020-21: Up to 1,50,000/-
  • A.Y. 2019-20: Up to 1,50,000/-
  • A.Y. 2018-19: Up to 1,50,000/-
  • A.Y. 2017-18: Up to 1,50,000/-
  • A.Y. 2016-17: Up to 1,50,000/-
  • A.Y. 2015-16: Up to 1,50,000/-
  • A.Y. 2014-15: Up to 1,00,000/-

Available deduction in the hands of INDIVIDUALS Only:

  • Any payment made by the Individual to keep in force a contract ofNon commutable Deferred Annuity on the life of himself, Spouse,any Child of the Individual
  • AnysumdeductedfromSalarypayablebytheGovt.,forthepurposeof securingtohimDeferred Annuity. Howeverdeductionshouldnot exceed1/5thofsalary.
  • ContributiontoSPF/RPF.
  • Contributiontowardsapproved Superannuation Fund.
  • SubscriptiontoNational Savings Scheme.
  • SubscriptiontoNSC,eveninterestonthatisqualifiedfordeduction
  • SubscriptionUnits of Mutual Fund/UTI
  • ContributiontoaPension FundsetupbyaMutualFund/UTI/National HousingBank
  • DepositwithNational Housing Bank,HUDCO
  • Deposits with a PSU providing Longtermfinanceforconstructionor PurchaseofResidentialHousesinIndia.
  • DepositswithnotifiedHousingBoardssetupunderLawforPlanning,DevelopingandImprovementofCities/Towns/Villages.
  • TuitionFeespaidtoUniversity,College,SchoolorotherEducation Institutionsituatedin India for full time educationofChildren,other DonationorDevelopmentFees.(Maximum2Children)
  • HousingLoan/Cost
  • SubscriptiontoapprovedEquity Shares or DebenturesofaPublic Company or a Public Financial Institution, andtheentireproceedsof the issue is utilized wholl and exclusively for Power Generation or Infrastructure FacilityCompany.(HoldingPeriodminimum3Years)
  • Term Depositforatleast5yearswithaScheduledBank.
  • SubscriptiontonotifiedNABARD Bonds.
  • DepositundertheSeniorCitizenSavingsscheme.
  • 5yearTimeDepositinanaccountunderthePostOfficeTimeDeposit rules.

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Content in this Article

Available deduction in the hands of INDIVIDUALS and HUF:

  • AnysumpaidbyanIndividualto effectortokeepinforceanInsurance on the life ofanIndividual,his/her Spouse,anyChild(whether married/unmarriedordependent/not dependent). In case of the HUF, the premium shouldbepaidonthelifeofany memberofthefamily.

NOTE: Premiumpaidonlifeinsurance policyexceeding 20% ofthecapital sumassuredisnoteligiblefor deduction (Relevantforpolicyissued priorto 01/04/2012) MaximumPremiumdeductible=10% ofActualSumassured. (15% for persons covered u/s 80U/80DDB)

  • ContributiontoaPPF . Minimum Rs.500andMaximumRs.1Lakh
  • ContributiontoULIP of LIC/UTIand continuousforminimumperiodof5 years.
  • ContributiontoAnnuity Plans of InsuranceCompanies.

Must Read –Deduction For Donation Under Section 80G

Other Points for Sec. 80C

  • The total limit under this section is Rs 1.50 lakh from Financial year 2014-15 / Assessment Year 2015-16. Before FY 2014-15 the limit was Rs. 1 Lakh. Under this heading many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C
  • If theassesseetransfers theHPin respect of which deduction has beenclaimed,beforetheexpiryof 5 years from theend of the FYin which possession of such properties obtained by him. No deduction shall be allowed in the PY in which house is transferred. Deduction allowed in the earlier years, shall be deemed to be income of the assessee of the PY, inwhichthehouseistransferred.
  • In caseamember participatingin the ULIP terminates before making the contribution for 5 years, then the same treatment shallbegivenasgiveninpoint2.
  • Deduction is available only if amount is paid/contributed/ investedduring the previous year i.e.on or before 31st of March.

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Raju Choudhary

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  1. interest received from post office after 5 year on which interest income is not shown earlier year. what adjustment should be done and deduction is allowable at the end of 5th year

  2. Pl state whether iam eligible under section 80c for the amount paid to the foreign university for which my son studying loan taken from Hdfc


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