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IT Deductions allowed Under Chapter VI-A Sec 80C, 80CCC, 80CCD, 80D, 80DD,
80DDB etc
Income Tax Deductions allowed Under Chapter VI-A of Income Tax Act. Under Chapter VI-A, the Sections covered are
Sec.80C, Sec.80CCC, Sec.80D, Sec.80CCG, Sec.80DD, Sec.80U, Sec.80DDB, 80E. Let us discuss briefly about all the Sections with
reference to the Income Tax Act 2014-15.
1 Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or
any child of the individual.
2 Any payment made to effect or to keep in force a contract for a deferred annuity.
3 Any sum deducted from the salary payable by, or, on behalf of the Government to any individual, being a sum deducted
in accordance with the conditions of his service for the purpose of securing to him a deferred annuity or making provision
for his spouse or children, in so far as the sum deducted does not exceed 1/5th of the salary; (From the above APGLI,
GIS are covered)
4 Any contribution made by an individual to any Provident Fund to which the Provident Fund Act 1925 applies.
5 Any subscription to any such saving certificates as defined under section 2(c) of the Government Saving Certificate Act,
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1959 as the Government may, by notification in the Official Gazette, specify in this behalf. [The Central Government has
since notified National Saving Certificate (VIIIth Issue) vide Notification S.O. No. 1560(E) dated 3.11.05 and National
Saving Certificate (IXth Issue) vide Notification . G.S.R. 848 (E), dated the 29th November, 2011, publishing the National
Savings Certificates (IX-Issue) Rules, 2011 G.S.R. 868 (E), dated the 7th December, 2011, specifying the National Savings
Certificates IX Issue as the class of Savings Certificates FNo1-13/2011-NS-II r/w amendent Notification No.GSR 319(E),
dated 25-4-2012]
6 Any sum paid as contribution in the case of an individual, for himself, spouse or any child, a. for participation in the Unit
Linked Insurance Plan.(ULIPS)
7 Any subscription made to any units of any Mutual Fund, of section 10(23D). The investments made after 1.4.2006 in
plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also
qualify for deduction under section 80C.
8 Any sums paid by an assessee for the purpose of purchase or construction of a residential house property, the income
from which is chargeable to tax under the head "Income from house property" (or which would, if it has not been used for
assessee's own residence, have been chargeable to tax under that head) where such payments are made towards or by
way of any installment or part payment of the amount due under any self financing or other scheme of any Development
Authority, Housing Board etc.
9 Tuition fees, whether at the time of admission or thereafter, paid to any university, college, school or other educational
institution situated in India, for the purpose of full-time education of any two children of the employee. It is also clarified
that full-time education includes play-school activities, pre-nursery and nursery classes. It is clarified that the amount
allowable as tuition fees shall include any payment of fee to any university, college, school or other educational institution
in India.
10 Subscription to equity shares or debentures forming part of any eligible issue of capital made by a public company,
which is approved by the Board or by any public finance institution.
11 Investment as a term deposit for a fixed period of not less than five years with a scheduled bank, which is in
accordance with a scheme framed and notified by the Central Government, in the Official Gazette for these purposes. [The
Central Government has since notified the Bank Term Deposit Scheme, 2006 for this purpose vide Notification S.O. No.
1220(E) dated 28.7.2006]
12 Subscription to such bonds issued by the National Bank for Agriculture and Rural Development, as the Central
Government may, by such notification in the Official Gazette, specify in this behalf.
13 Any investment as five year time deposit in an account under the Post Office Time Deposit Rules, 1981.
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Note:It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC
and Section 80CCD(1) shall not exceed Rs.1,50,000/-. However the contribution made by the Central Government or
any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,50,000/- provided
under this Section.
The Below are the Sections covered under Chapter-IV but excluded from 1.50 Lakh Limit
Sec 80CCG: Equity Savings Scheme: Rajiv Gandhi Equity Saving Scheme.
Section 80CCG provides deduction w.e.f .assessment year 2013-14 in respect of investment made under notified equity saving
scheme. Rajiv Gandhi Equity Savings Scheme 2012 has been notified vide SO No 2777 E dated 23.11.2012 as a scheme under
this section. The scheme wasmodified in December 2013 vide notification SO No. 3693 dated 18.12.2013 as RGESS 2013. The
investment is locked-in for a period of 3 years from the date of acquisition in accordance with the above scheme. The amount of
deduction is at 50% of amount invested in equity shares/units. However, the amount of deduction under this provision cannot
exceed Rs. 25,000
Amount of deduction –The amount of deduction is at 50% of amount invested in equity shares/units. However, the amount of
deduction under this provision cannot exceed Rs. 25,000.
Section 80D: Deduction in respect of health insurance premia paid (Medical Insurance):
Section 80D provides for deduction available for health insurance premia paid, etc. which is
calculated as under:
Persons for
Sl whom Mode of Allowable
Nature of payment
No payment payment Deduction (in Rs)
made
The whole of the amount paid to effect or to keep in force an insurance
on the health of the employee or his family or Any contribution made to Aggregate allowable
any mode
Employee or the CGHS or such other scheme as may be notified by Central is Rs 15,000/ {For
1 other than
his family Government (Finance Act 2013) A any payment on account of Senior Citizens it is
cash
preventive health check-up of the employee or family, [restricted to Rs 20000/-}.
Rs 5000/-; cash payment allowed here]
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Disclaimer: We are not responsible for any mistakes might have occured unexpectedly. If any mistakes Found please mail at
apteachers@yahoo.in for correction.
More Details on Income Tax and IT Act, IT Calculation -Click Here
43 comments:
excellent piece of information, I had come to know about your website from my friend kishore, pune,i have read
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atleast 8 posts of yours by now, and let me tell you, your site gives the best and the most interesting information.
This is just the kind of information that i had been looking for, i'm already your rss reader now and i would regularly
watch out for the new posts, once again hats off to you! Thanx a lot once again, Regards, kakatiya university
Replies
Hi, My income is 22 lakh. After normal deductions the taxable income is 20lakh. I pay 5 lakh as TAX. So
my taxable income should be 20-5 = 15 lakh. Why should I pay Tax on taxed amount I paid to
government? INCOME SHOULD BE CONSIDERED ONLY AFTER TDS.
Reply
Assalamualikum vry valuable information, helping and appreciate the efforts taken by Mr Zakir Ali
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
US residential investment property
All the deductions under Chapter VI-A are not given here, which disappoint me.
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What are the chances of new insurance policy broker success becoming a reality? Intense analysis of certified
Department Providers records determine that only 6% of agents endure a little bit over 4.3 years. insurance agents
is stamp duty and registration fees to buy site exempted from income tax
Replies
It is amazing issue regarding your guideline in this field. still provide some live examples in different fields
regarding exemptions claimed be different tax payers.thank you. Umakanth.BR.. Mysore
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Reply
Replies
its an exemptoin
Reply
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Dear Sir,
To return file my IT, to claim dedction for EWF& SWF , CM relief fund deduction amounts, required 'deductor Pan
no', and 'deductor details', other wise not accepting there. So please suggest required information, why because
those amounts deducted directly from salaries, we dont have any information regarding those deductions.
Thank you.
if the premium paid for my wifes policy, can i calim as deduction for my it purpose?
Replies
Yes. You can take deduction u/s 80c. if premium is paid by you on policy of your spouse and children.
Reply
Please explain the topic with an example will gives more and more clear understanding.Hoping in the next posts for
the same
Sir the contribution of Rs.90/- or Rs.120/- can be claimed exemption under section 80D of income tax
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What I understood from this article is that if a person comes under NPS then he can get tax exemption upto 300000.
Under 80c 150000 and 150000 his employer's contribution for NPS... Am I right???
Replies
Reply
how much is the total tax exemption a person is eligible under chapter VI A
I am getting scholarship for my Phd which is more than Rs 3 Lakhs but income tax act under Section 10(16) the
scholarships are tax free. I am filling my income tax return before start of my PhD therefore I would like to file my
income tax but I am confused under which part of Section 80 deduction, I should apply to get deduction?
Rs.150000 are exempted U/S 80c. Rs.50000 are more exempted for what?
Replies
Thanks
Reply
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If employee availed Maternity leave(eg.January to June) & joined school does she get CL leaves full or any
deduction,for that year ?
Replies
she will get her full CL for the year also, she also can opted for CCE for the same financial year if
needed.
Reply
My contribution in NPS is 80000 rs and the same is by employer. in PPF I have put 100000 rs. would i get deduction
260000 under sction VI A
hi, i m paying emi and my property is under construction. i wanted to know that can i claim the principal component
of my EMI in sec 80c deduction which is 1,50,000/plz confirm
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Replies
As Per section 80c sub section 2 (xviii) repayment of amount borrowed for the purchase or construction
of a (ONE) residential house property is exempt upto Rs.150000/- if there is no other deduction as
specified in section 2 . SUPPOSE if ONE OR MORE other deduction eg insurance Premium
paid,contribution to PF, Stamp duty/Reg fees on purchse of a house property , term deposit with bank/
post office for 5 years, tuition fees for self, spouse, child etc as specified under sub section of section
80C, THEN the aggregate of the sum exempted is Rs 150000/-
Reply
For instance in the event that you give a sizable add up to philanthropy associations which don't have benefit
intention, at that point a rate of such gift might be guaranteed as tax credit in tax returns. 1099
Hi I'm working in public sector undertaking by government of Karnataka. Karnataka power corporation Ltd. Having
doubt is under 80c we can show up to 1.5lak we com under New define contributory pension scheme which they will
deduct 10% basic from our salary n they will credit d same to our account .
Im having homeloan While filling we can show up to 1.5lak in 80c and another 50k employees contribution can be
shown in 80ccd2. Pz clarify this
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Comment as:
Publish
Important Information
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