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The provision of section 80C of the Income Tax provides for opportunity of claming additional deduction of Rs. 100,000 to the individual and HUF assessee. 80C is the most beneficial deduction which an assessee can avail to save tax and enlarge its investments portfolio. But, still there is lack of awareness among the people to avail the benefits of 80C. Here are some of the key benefits which are enlisted to bring the awareness about this sec. Condition for deduction:- • Deduction is available for Gross Total Income. • Deduction is available to only Individual and HUF. • Deduction would be allowed irrespective of the fact whether (or not) such amount is paid or deposited by the tax payer out of his income chargeable to tax. • Maximum amount of deduction is Rs.1,00,000 including 80CCC and 80CCD. Item for which deduction can be claimed:- 1. Life insurance Premium :- Subject to the maximum of 20% of sum assured. In case of Individual taken on his own life, life of the spouse or any child (Child may be dependent/independent, male/female, minor/major or married/unmarried). In case of HUF life of its member. 2. Contribution(not being repayment of Loan) towards Statutory Provident Fund and Recognised Provident fund. 3. Contribution(not being repayment of Loan) towards Public Provident Fund. 4. Contribution towards Superannuation Fund. 5. Subscription to National Saving Certificate. (VIII Issues). 6. Contribution for participating in ULIP of UTI & LIC. 7. Subscription towards notified units of MUTUAL Fund or UTI. 8. Any sum Paid towards Home Loan Account Scheme of Nation Housing Bank or Contribution to any notified scheme pension fund set up by the National Housing Banks. 9. Any sum paid as tuition fees (not including any payment towards development fees/ donation/payment of similar nature) whether at the time of admission or other wise to any university/ collage/ educational institution in India for the full time education of any two children of an individual. 10. Amount deposited in fixed deposit for the 5 years or more with a scheduled bank in accordance with a scheme framed and notified by the central government. 11. Subscription to any notified bond of NABARD. 12. Amount deposited under Senior Citizen Saving Scheme. 13. Amount deposited in 5 year Term Deposit Scheme in Post Office. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit Taxmantra.com or mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.
Tax exemptions under section 80C – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The provision of section 80C of the Income Tax provides for opportunity of claming additional deduction of Rs. 100,000 to the individual and HUF assessee. 80C is the most beneficial deduction which an assessee can avail to save tax and enlarge its investments portfolio. But, still there is lack of awareness among the people to avail the benefits of 80C. Here are some of the key benefits which are enlisted to bring the awareness about this sec. Condition for deduction:- • Deduction is available for Gross Total Income. • Deduction is available to only Individual and HUF. • Deduction would be allowed irrespective of the fact whether (or not) such amount is paid or deposited by the tax payer out of his income chargeable to tax. • Maximum amount of deduction is Rs.1,00,000 including 80CCC and 80CCD. Item for which deduction can be claimed:- 1. Life insurance Premium :- Subject to the maximum of 20% of sum assured. In case of Individual taken on his own life, life of the spouse or any child (Child may be dependent/independent, male/female, minor/major or married/unmarried). In case of HUF life of its member. 2. Contribution(not being repayment of Loan) towards Statutory Provident Fund and Recognised Provident fund. 3. Contribution(not being repayment of Loan) towards Public Provident Fund. 4. Contribution towards Superannuation Fund. 5. Subscription to National Saving Certificate. (VIII Issues). 6. Contribution for participating in ULIP of UTI & LIC. 7. Subscription towards notified units of MUTUAL Fund or UTI. 8. Any sum Paid towards Home Loan Account Scheme of Nation Housing Bank or Contribution to any notified scheme pension fund set up by the National Housing Banks. 9. Any sum paid as tuition fees (not including any payment towards development fees/ donation/payment of similar nature) whether at the time of admission or other wise to any university/ collage/ educational institution in India for the full time education of any two children of an individual. 10. Amount deposited in fixed deposit for the 5 years or more with a scheduled bank in accordance with a scheme framed and notified by the central government. 11. Subscription to any notified bond of NABARD. 12. Amount deposited under Senior Citizen Saving Scheme. 13. Amount deposited in 5 year Term Deposit Scheme in Post Office. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit Taxmantra.com or mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.