Deduction under 80C- 80CCC- 80CCD and 80D and 80CCD (1) - 80CCD (2) and 80CCD (1B) for A.Y 2021-22 (including budget amendment). Exemption in Section C0C, CC0 CCC and CC0 CCD for the financial year 2020-21. In this article, you can get a complete description of how you can avail of discounts under 80C by investing in government schemes. Now see more details for cutting under section 80 C for A.Y 2022-23 from below-
Section 80C Life Insurance Premium
Funding
Subscription to specific equity
shares
Salary
National Savings Certificates,
Principal of Housing Anne
The combined discount limit for
various other items is Rs. 1,50,000
Annual plan of LIC or another insurer
for 80CCC pension scheme
80CCD (1) Central Government Pension
Scheme
Cutting under Sections 80C, 80CCC,
80CCD (1)
80CCD (1B)
Except for deductions claimed under
80CCD (1), exemptions in respect of payments made under the Central Government
Pension Scheme. 50,000
80CCD (2)
Reduction for the contribution made
by an employer to the central government's pension scheme
If the employer has a PSU, state
government or other 10% salary limit
If the employer limits 14% of the
employer's salary
Discounts on Sections 80C, 80CCC,
80CCD and 80D
There are 80HH, 80RRB, 80U and many
more discounts from 80C to 80U under Chapter VI-A. But this article is only for
cuts that come under 80C.
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The total discount amount between
80C, 80CCC, 80CCD and new section 80CCE is limited to Rs.1,50,000.
1 Section 80CCC - Insurance premium
(discount for a premium paid for LIC or other insurer's annual plan)
2 Section 80CCD - Pension
Contribution (deduction for contributions to the pension account)
3 Deduction Section 80 TTA - Interest
on Savings Account (deduction from total income for interest on Savings Bank
Account)
4 Section 80GG - House rent paid
(Discount for house rent where HRA is not available)
Payment.
Life insurance premium for 5
policies:
In the case of an individual, in the
life of the assessor, the wife of the assessor and any child of the assessor
7 In the case of HUF, on the life of
any member of HUF
8 Payments made under a suspended
annual contract:
In the case of a person, in the life
of the person, the person's spouse and any child of the person (however, the
contract should not have the option of paying cash instead of annuity).
Contribute to the Public Provident
Fund account in the name of 10
11 In the case of a person, such as a
person or his wife or any child of such a person
12 in case of HUF, any member of HUF
13 Employee contributions to a
recognized provident fund
14 Contributions to retirement funds
approved by an employee
15 Subscription to any Notified
Security or Notified Deposit Scheme of the Central Government. For this
purpose, Sukanya Samridhi Account Scheme has been notified through Notification
No. 9/2015 dated 21.01.2015. Any money deposited by an individual in the
Sukanya Samridhi account during the year will be eligible for a discount.
Subscription to Notified Savings
Certificate [National Savings Certificate (VIII Issue)]
16 Contributions to participation in
UTI's unit-linked insurance plan:
17 tuition fees (excluding development
fees, donations, etc.) paid by an individual to any university, college, school
or other educational institution in India for the full-time education of any 2
of his / her children
18 Payment for purchase/construction
of a residential property (H.B.L. Principle)
19 Contribution of an individual to
the pension fund as determined by any mutual fund as specified by Section 10
(23D) or UTI (UTI Retirement Benefit Pension Fund)
20 Notification Bond Subscription
issued by NABARD.
21 Deposit to an account under the
Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)
22 5 year term deposit in an account
under Post Office Time Deposit Rules, 1981 (subject to certain conditions)
Discounts within the 80C scheme
You can avail discounts under 80C by
investing in the following schemes.
23 Payment for life insurance
premiums.
24 Payment for deferred annual plans.
25 Delayed annuities payable by the
Government.
26 Contributions to the Public
Provident Fund.
27 Contributions to the Provident
Fund set up by the Central Government.
28 Subscription to any security or
deposit advertised by the government.
29 Certificate Save Subscription.
Contributed to 30 recognized
provident funds.
31 Contributions to recognized
retirement funds
Subscription for 32 Unit Linked
Insurance Plan 1971.
33 Units of LIC Mutual Fund
Contribution for Linked Insurance Plan.
34 Payment for LIC or any other
insurer's annual plan.
Subscriptions to 35 advertised mutual
fund units.
Contribution of 36 Mutual Funds to
Notified Pension Funds.
37 The Pension Fund has been set up
by the National Housing Bank.
38 Subscription to the deposit scheme
of a public sector company engaged in long-term payment for housing.
39 Tuition fees for two children in
40 of Payment of instalments for self-financing
of a residential property for payment.
41 Subscription to equity shares or
debentures as authorized for infrastructure.
42 Subscription to any unit of mutual
fund approved by Central Board of Direct Taxes
43. A term deposit in a scheduled bank
for a specified period of fewer than five years will also be eligible for tax
exemption under section 80C as per the Finance Act, 2006-07 for FY. Lakh lakh.
This cut in some rules.
44 Notified Bonds of NABARD.
45 credited to an account under the
Senior Citizen Savings Scheme Rules, 2004.
46 Five-year time deposit in an
account under the Post Officer Time Deposit Rules, 1981.
Allowed discounts - Overall discounts
under 80C (including discounts of 80CCC and 80CCD) up to Rs. 1,50,000. But
additional discounts can be made on U / s 80CCD (1), 80CCD (2) and 80 CCD (1B)
which do not fall within the 80C limit. 1.5 lakh.
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