Section
80C [Deduction upto Rs 1.5 Lacs]
1.
Life Insurance Premium - Any sum received under Life Insurance Policy (except
keyman insurance policy) along with bonus is exempt from tax if premium was
payable as per aforesaid restriction. However amount received on death of
insured is exempt in all cases (except keyman insurance policy).
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2.
Deferred Annuity Contract (Self, Spouse, Child) (LIC/Other insurer notified by
central
government)
3.
Contribution to
a. RPF (employee) / SPF (Government
employee) / PPF(Self, Spouse, Child)
b. Approved Super Annuation Fund (Employee)
c. ULIP of UTI (Self, Spouse, Child) /
LIC-MF (Self, Spouse, Child)
d. Pension Fund setup by MF/NHB (Lock in
period: 5 years)
e. Pension Fund setup by LIC or Other
insurer (80CCC), setup by Govt (80CCD)
f. Sukanya Samriddhi Yojna Account
g. Senior Citizen Saving Scheme 2004 (SCSS)
4.
Subscription to
a. National Saving Certificate
b. Mutual Fund units
c. Equity Share/Debenture of Public Co. or
Public Financial Institution approved by CBDT
(Lock in period: 3 years)
d. Notified bonds of NABARD
5.
Deposits
a. Deposit Scheme of National Housing Bank
b. Notified deposit scheme of
i. Public Sector Company providing
finance for house
ii. Authority of housing, development
etc.
c. Post Office Saving Bank 10/15 year A/c
d. Post Office 5 year Time Deposit A/c
e. Senior Citizen 5 year Saving A/c
f. 5 year FD A/c with scheduled Bank under
scheme of central government
6.
Residential house property
a. Amount spent in purchasing/constructing
(Lock in period: 5 years)
b.
Stamp duty and registration charges
7.
Tuition fees of 2 children to University /College/ School
in India
Section
80D [Medical Insurance Premium for
Individual/ Hindu Undivided Family]
For
Individual:
· Purpose
1. Keep in force health insurance for self,
spouse, dependent children
2. Preventive Health Checkup of self,
spouse, dependent children
3. Contribution to Central Gov Health Scheme
4. Keep in force health insurance for
parents of individual
5. Preventive Health Checkup of parents of
individual
· Expenditure
allowed
1. Rs. 25000 for self, spouse, dependent
children (wherein expense on preventive health
checkup shall not exceed Rs. 5000)
2. Rs.30,000 for parents in case of a senior
Section
80E [Interest on Loan for Higher Education]
· Interest on Loan for Higher
Education (after 12th) of self/ spouse/ children
· Deduction is available for 8
years beginning from the year in which payment of interest on the loan begins
Section
80EE [Interest on Loan for Residential House]
· If an
individual who does not own any other residential property on the date of
sanction of loan
· took
loan during 1/4/13 to 31/3/14 not exceeding Rs. 25 Lac
· for
buying house worth Rs. 40 Lac or less
· deduction
can be claimed for interest payment of Rs. 1 lac
· from
incomes of years 13-14 and 14-15 in totality.
Section
80TTA [Interest earned on Saving A/c]
Upto Rs. 10000 interest earned on
deposit in saving bank account (not time deposit/ FD) is
allowed to be deducted from taxable
income
