Deduction under Section 80C for A.Y.2020-21, A.Y.2019-20, A.Y.2018-19/A.Y.2017-18/A.Y.2016-17. We realize that you are particularly intrigued to know the derivation from gross all-out salary to summate overall gain charge. As we will talk about just here finding under area 80Cin detail.
There are loads of deduction goes under Chapter VI-A from segment 80C to 80U like 80HH, 80RRB, 80U, and the sky is the limit from there. Be that as it may, this vendible is solely for the finding goes under segment 80C.
Total estimation of conclusion u/s 80C, 80CCC, 80CCD and new Section 80CCE is limited to Rs.1,50,000.
Notable Features of Section 80c
1) The conclusion u/s 80 C is misanthrope just to an individual or a Hindu unified family.
2) The conclusion 80C is misanthrope on the understructure of ventures/commitments/stores/installments made by citizens amid the earlier year.
3) The most extreme estimation of reasoning u/s 80C is Rs.1,50,000. 1. Additionally, the volume estimation of derivation –
(an) Under segments 80C, 80CCC, 80CCD(1) [i.e., commitment by a representative (or some other individual) towards NPS] and 80CCD(2) [i.e., business’ commitment towards NPS] can’t surpass Rs. 1,00,000 (material for the towage years 2006-07 to 2011-12); and
(b) Under segments 80C, 80CCC and 80CCD(1)2.[i.e., commitment by a worker (or some other individual) towards National Pension System (NPS)] can’t surpass Rs. 1,00,000 (for the towage years 2012-13 to 2014-15) or Rs. 1,50,000 (from the towage year 2015-16).
You can profit the treat of reasoning u/s 80C by putting resources into the interest plans.
1. Payment for Life Insurance Premium.
2. Payment for Deferred Annuity Plan.
3. Deferred Annuity Payable by Government.
4. Contribution to Public Provident Fund.
5. Contribution to Provident Fund set up by Central Government.
6. Contribution to Recognized Provident Fund.
7. Contribution to perceived superannuation finance.
8. Subscription to any security or petrifaction informed by Government.
9. Subscription to Saving Certificates.
10. Subscription for Unit Linked Insurance Plan 1971.
11. Contribution for Unit Linked Insurance Plan of LIC Bilateral Fund.
12. Payment for annuity plan of LIC or some other safety net provider.
13. Subscription to units of informed two-sided support.
14. Contribution to advised annuity store of the respective reserve.
15. Pension reserve set up National Housing Bank.
16. Subscription to a petrifaction plan of open division guest occupied with giving long haul account to lodging.
17. Tuition charges of two kids in India.
18. Payment of portions for self-financing of private property for reimbursement of advance.
19. Subscription to honor offers or debentures as striving for the framework.
20. Subscription to any units of two-sided subsidize as attempted by the Central Board of Direct Taxes.
21. Notified movement of NABARD.
22. Deposit in value under the Senior Citizens Savings Scheme Rules, 2004.
23. Five-years time petrifaction in value under the Post Officer Time Petrifaction Rules, 1981.
Mainstream Tax Saving Schemes Under Section 80C
Medical Insurance Premium U/s 80D: You can get a conclusion by keeping or paying extra security premium in an earlier year. You should note here that premium paid in the interest of spouse/husband/youngster or any individual from the family where assesse in a HUF. Kid incorporates sultana youngsters likewise, Thus, reasoning is a misanthrope in regard to premium paid on a strategy on the life of a wedded girl.
Provident Fund and Public Provident Fund: You can prerequisite finding under segment 80C for the esteem petrifaction in provident reserve too. The esteem petrifaction for the sake of spouse/husband/tyke or any individual from the family where you are as a HUF is also qualified for conclusion u/s 80C. The early commitment is Rs.1,50,000.
You can petrifaction Rs. 1,50,000 in PPF A/c plane on the off chance that you have paid the incentive in LIC, NSC, ULIP and so forth. In any case, the deduction u/s 80C is sexist on the all-out commitment of PPF, LIC, ULIP, and so forth up to limit of Rs.1,50,000.
Enthusiasm on PPF isn’t treated as reinvestment for reason for area u/s 80C is misanthrope plane if the commitment is made in the PPF worth of minor/real youngsters or companion.
National Saving Certificates (NSC): You can additionally get reasoning under area 80C for the esteem petrifaction in national sparing confirmation withal with PPF/LIC/ULIP up to limit of Rs.1,50,000 accumulated amid the year. There is no TDS finding for reimbursement of NSC. Intrigued accumulated amid the year (with the exception of the most recent year) will be considered to be reinvested and will, in addition, meet all requirements for conclusion u/s 80C.
Bank Term Petrifaction Schemes: Value put resources into divider term stores withal with PPF/LIC/NSC/ULIP and so on up to a limit of Rs.1,50,000 is beside qualified for derivation under segment 80C. The development time frame for divider term petrifaction plans is 5 years.
Mail station Time Petrifaction Schemes: You can in addition pick present office time petrifaction on getting conclusion under segment 80C up to Rs.1,50,000. You should take note that the finding is misanthrope just to the main holder
Common Fund Schemes: Some of the plans of respective assets are qualified for reasoning u/s 80C withal with different speculations compensate above. The pay from two-sided reserves is additionally completely exempted u/s 10 (35).
NABARAD Rural Bonds: The reasoning is also sexist under segment 80C for membership to advised immigration issued by National Wall for Agriculture and Rural Development.
ULIP: The reasoning is also eligible for the esteem petrifaction for the sake of himself, his/her significant other/spouse or his kid, and a HUF for the sake of its individuals to any Unit Linked Insurance Plan of UTI.
Educational cost Fees: You can prerequisite the derivation of paying the educational cost expense of your two kids. Here, you should take note of that educational cost expenses qualified paid to any college, school, school or other instructive foundation arranged in India. Notwithstanding, any details expenses or gift or installment of comparative nature will not be qualified for derivation.