ARTICLE ON SECTION 80C OF THE INCOME TAX ACT 1961

Article on Section 80C of the Income Tax Act 1961

Persons covered : Individual or HUF

Eligible Deductions :

  1. Life Insurance Premium to keep in force insurance of self, spouse and any child in case of individual and any member is case of HUF.
  2. As contribution to Public Provident Fund scheme, 1968 in the name of self, spouse and any child in case of an individual and any member in case of HUF.
  3. As contribution by an employee to a Recognised Provident Fund.
  4. As contribution by an employee to an approved Superannuation Fund.
  5. Any sum deposited in a Sukanya Samridhi Account, in the name of, the individual or any girl child of that individual, or any girl child for whom such person is the legal guardian (if the scheme so specifies).
  6. As Tuition Fees to any university, college, school or other educational institution situated in India for the purpose of full-time education of any two children of that individual.
  7. Towards the cost of purchase or construction of residential house property.
  8. As Term Deposit for 5 years or more with Scheduled Bank in accordance with a scheme framed and notified by the Central Government.
  9. Any amount paid or deposited by a Central Government employee as a contribution to his Tier-2 account of the pension scheme notified u/s 80CCD shall be eligible for deduction u/s 80C; provided that :- the account is for a fixed period of not less than three years and in accordance with the scheme as may be notified by Central Government in the official gazette.

Extent of Deduction : 100% of the amount invested or Rs.1,50,000, whichever is less.

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