Exemptions under 80C, 80CCC and 80CCD for F.Y 2021-22 or A.Y 2023-24 (with budget amendments). Deduction in Section 80C, 80CCC and 80CCD for F.Y 2021-22. 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 80C for A.Y 2022-23 from below
Deduction under Sections 80C, 80CCC, 80CCD (1)
Section 80C
Life insurance premium
Funding
Subscription to specific equity shares
Salary
National Savings Certificates,
Principal of Housing Anne
Various other items
The combined discount limit is Rs. 1,50,000
Annual plan of another insurer towards LIC or pension scheme
80CCD (1)
Central Government Pension Scheme
80CCD (1B)
Reduction in payments made under the Central Government Pension Scheme, excluding exemptions, claimed under 80CCD (1)
Money discount limit 50,000
80CCD (2)
Reduction for the contribution made by an employer to the central government's pension scheme
If the employer is a Publick or Private sector or any state government or others
10% discount limit on salary
If the employer is the central government
14% discount limit on salary
80CCD (2)
Reduction for the contribution made by an employer to the central government's pension scheme
Deductions 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.
You can
claim deduction under section 80C as follows:
An assessor can claim a rebate of Rs 1.5 lakh for your total income under section 80C. Simply put, you can deduct up to Rs 1,50,000 from your total taxable income and it is available to individuals and HUFs.
The total discount amount between 80C, 80CCC, 80CCD and new section 80CCE is limited to Rs.1,50,000.
Section 80CCC - Insurance Premium (Discount for a premium paid for LIC or other insurer's annual plan)
Section 80CCD - Pension contributions (deductions for contributions to the pension account)
Deduction Section 80 TTA - Interest on Savings Account (Deduction from Total Income for Interest on Savings Bank Account)
Section 80GG - House rent paid (Discount for house rent where HRA is not available)
Deduction
U/s 80 80C
You can avail of discounts under 80C by investing in the following schemes.
- Pay for life insurance premiums.
- Payment for delayed anniversary plans.
- A delayed annuity is payable by the government.
- Contribute to the Public Provident Fund.
- Contribution to the Provident Fund set up by the Central Government.
- Subscription to any security or deposit advertised by the government.
- Savings Certificate Subscription.
- Contributions to recognized provident funds.
- Contribute to a recognized retirement fund
- Subscription for Unit Linked Insurance Plan 1971.
- Contribution to LIC Mutual Fund Unit Linked Insurance Plan.
- Payment for LIC or any other insurer's annual plan.
- Subscriptions to advertised mutual fund units.
- Contribution of Mutual Fund to Notified Pension Fund.
- The Pension Fund established the National Housing Bank.
- Subscription to the deposit scheme of a public sector company engaged in long-term payment for housing.
- Tuition fees for two children in
- Payment of instalments for self-financing of a residential property.
- Subscription to equity shares or debentures as authorized for infrastructure.
- Subscription to any unit of Mutual Fund approved by Central Board of Direct Taxes
21. Fixed deposit more than Five-year under the Post Officer Time Deposit Rules, 1981.
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