Section 80C 80CCC Deductions
Deduction Under Section 80C of the Income Tax Act.
Financial Year 2016-17 Budget 2016.
Deduction under 80C is related to deduction that an individual can deduct from his gross taxable income in order to reduce his tax liability by investing in specified investment.
It is applicable to individuals and HUF. An assessee can get deduction under section 80C, 80CCC upto a maximum of Rs.150000.
The qualifying investments and expenditure as deduction under 80C are:
- 1. Life Insurance Premiums.
- 2. Provident Fund (PF) and Voluntary Provident Fund (VPF)
- 3. Public Provident Fund (PPF)
- 4. Tuition Fees
- 5. Home Loan Principal Repayment
- 6. Stamp Duty and Registration Charges for a Home
- 7. Equity Linked Savings Scheme (ELSS) / Mutual Fund
- 8. National Savings Certificate (NSC)
- 9. Infrastructure Bonds (Infra Bonds)
- 10. Fixed Deposits (FDs) for maturity period of 5 years or more
- 11. Post Office Time Deposit Scheme (POTD) for maturity period of 5years or more
- 12. Senior Citizen Savings Scheme 2004 (SCSS)
- 13. NABARD Rural Bonds
- 14. Unit Linked Insurance Plan (ULIP)
- 15. Sukannya Samriddhi Account
Deduction Under Section 80CCC of the Income Tax Act.
The qualifying investments and expenditure as deduction under 80C are:
- 1. Pension Fund
- 2. Payment of Premium for annuity plan