Deduction under Section 80C | List of 80C Deduction | 80c Limit

 

 

As per income tax act 1961 providing income tax rebate Deduction under Section 80c, 80c exemptions, investment 80c, 80c limit, mutual funds 80c, 80c tuition fees, saving under 80c, maximum limit of 80c, tax-saving under 80c

 

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List of 80c Deduction

  • Life Insurance Premium – Deduction available in case of Individual, his / her spouse, or any child (including adult child or marriage daughter), Member of HUF, and also 80c deduction do not exceed more than 20% of actual capital sum assured.
  • Payment to a contract for a Deferred Annuity Fund for Individual, his / her spouse, or any child (including adult child or marriage daughter), Member of HUF.
  • Contribution any type of Provident Fund as per the Provident fund Act, 1925, and also deduction do not exceed more than one-fifth of the salary.
  • Contribution any type of Public Provident Fund as per the Public Provident fund Act, 1968. The contribution is applicable in the name of the individual, his / her spouse, or any child (including adult child or marriage daughter), Member of HUF.
  • Contribution to any type of a Recognized Provident Fund
  • Contribution to any type of an Approved Superannuation Fund
  • Subscriptions to Security of the Central Government or notified Deposit Scheme.
  • Subscriptions to National Saving Certificates as per rule 15 of NSC Rule, 1989, and also accrued NSC interest deduction available for 80C.
  • Contribution to Unit Linked Insurance Plan, 1971, and also Unit Linked Insurance Plan for LIC of India. The deduction is available in the name of an individual, his / her spouse, or any child (including adult child or married daughter), Member of HUF.
  • Subscriptions to any units of Mutual Fund as per under section 10(23D) under Equity Linked Savings Scheme, 2005. As per scheme lock-in period is three years.
  • Contribution to Deposit Scheme the National Bank and also the deposit scheme of Public Sector Company engaged in providing construction or purchase of housing in India for residential purposes.
  • Tuition fee (excluding any payment donation, development fee, cultural fee) to School, Collage, and University in India for only any two children of the Individual.
  • Payment for purpose of Construction or Purchase of a residential housing property as part or full payment due to any company, co-operative society, repayment principal of loan from, any Bank, LIC,  Central Government any State Government.
  • Purchase of equity shares or debentures from Public Company or Public Financial Institution.
  • Investment in a Term Deposit for a fixed deposit period of not less than five years as per term deposit scheme, 2006.

 

 

80c Limit or Maximum Deduction Under Section 80c:

 

As per income tax act 80c limit for deduction any individual, Hindu Individuate Family (HUF) is not more than Rs. 1 lakh 50 thousand in the financial year.

 

 

80c Investment Options:

 

List of 80C Investment in India given below

 

  1. Investment in Long Term Insurance Plan from Bank or Company for more than 5 years.
  2. Investment in Deferred Annuity Fund
  3. Contribution to Provident Fund
  4. Contribution to Public Provident Fund from Bank or Post Office
  5. Investment in National Saving Certificate in Post Office 
  6. Subscription of any Unit Link Policy from Bank or Any Company
  7. Investment in Mutual Fund from any Bank or Company
  8. Purchase of Long Term Share and Debenture
  9. Investment in Long Term Deposit any company or bank ( Fixed Deposit )
  10. Purchase of Residential Building or Flat, Construction on ownership basis

 

 

What is 80c in income tax?

 

As per income tax rule, 80c means, income tax deduction under this section is allowed to deduct for Rs. 1 lac 50 thousand from total gross income of an individual or a HUF for a Financial Year.

 

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Deduction under Section 80C

Deduction under Section 80C

 

 

80C Calculation:

Particulars Mr. A ( 30 yrs ) Mr. B ( 45 yrs ) Mr. C ( 60 yrs )
Salary Income 200000 250000 350000
Other Income 30000 40000 50000
Life Insurance Premium 30000 40000 50000
Repay of Principal of Loan 20000 25000 30000
Provident Fund 70000 80000 100000
Computation Mr. A ( 30 yrs ) Mr. B ( 45 yrs ) Mr. C ( 60 yrs )
Salary Income 200000 250000 350000
Other Income 30000 40000 50000
Gross Total 230000 290000 400000
Less Deduction 80C 120000 145000 150000
(Maxim Limit Rs.1.50 Lacs
Total Income 110000 145000 250000