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. Hi, Friends here we are providing Complete List of available Deductions U/S 80C for AY 2016-17 or FY 2015-16. In this article, you can find a list of Available deduction in the hands of INDIVIDUALS Only, a list of Available deduction in the hands of INDIVIDUALS & HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete List of Various Deductions Under Section 80C
List of Various Deductions Under Section 80C
Available deduction in the hands of INDIVIDUALS Only: Subscription to National Savings Scheme. Subscription to NSC, even interest on that is qualified for deduction Subscription Units of Mutual Fund/UTI
Contribution to a Pension Fund set up by a Mutual Fund/ UTI/ National Housing Bank Tuition Fees paid to University, College, School or other Education Institution situated in India for full-time education of Children, other Donation or Development Fees. (Maximum 2 Children)
Housing Loan Principal.
Term Deposit for at least 5 years with a Scheduled Bank. Subscription to notified NABARD Bonds.
A deposit under the Senior Citizen Savings scheme 5 year Time Deposit in an account under the Post Office Time Deposit NSC. G.P.F./VPF/EPF
Available deduction in the hands of INDIVIDUALS & HUF:
· Any sum paid by an Individual to effect or to keep in force an Insurance on the life of an Individual, his/her Spouse, any Child (whether married/unmarried or dependent/not dependent). In the case of the HUF, the premium should be paid in the life of any member of the family.
· Contribution to a PPF . Minimum Rs. 500 & Maximum Rs. 1.5 Lakh
· Contribution to ULIP of LIC/UTI and continuous for a minimum period of 5 years.
· Contribution to Annuity Plans of Insurance Companies.
Download Automated All in One Income Tax Preparation Excel Based Software for Central Govt employees for Financial Year 2016-17 & Ass Yr 2017-18. [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Central Govt Salary Pattern + Automatic H.R.A. Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B as per the all amended of Income Tax Section by the Central Finance Bill 2016-17]
Other Deduction of Sec. 80C
1. The total limit under this section is Rs 1.50 lakh from Financial year 2016-17 / Assessment Year 2017-18. 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
2. If the assessee transfers the HP in respect of which deduction has been claimed, before the expiry of 5 years from the end of the F.Y in which possession of such properties obtained by him. No deduction shall be allowed in the PY in which house is transferred. The deduction allowed in the earlier years shall be deemed to be income of the assessee of the PY, in which the house is transferred.
3. In case a member participating in the ULIP terminates before making the contribution for 5 years, then the same treatment shall be given as given in point 2.
4. DThe deduction is available only if amount is paid/contributed/ invested during the previous year i.e. on or before 31st of March.
5. Additional Deduction U/s 80CCD(2) :- Employer’s Contribution to the Employee’s Pension Fund.
6. Additional Exemption U/s 80CCD(1B) :- Max Rs. 50,000/- out of Max Limit 1.5 Lakh U/s 80C.
