Deductions under Section 80 C, 80CCC, 80CCD

Other Deductions under Section 80 C:

  1. Any payments towards a deferred annuity – For individual, on life of self, spouse or any child.
  2. Contribution made under Employee’s Provident Fund
  3. Contribution Units of UTI/notified mutual fund.
  4. Investment in ULIP plans( Unit Linked Insurance Plans).
  5. Sum deposited in 10 year/15 year account of Post Office Saving bank
  6. Subscription to any notified securities/notified deposits scheme – for e.g. Sukanya Samridhi Account.
  7. Subscription to any notified savings certificate, Unit Linked Savings Certificates
  8. Contribution to Unit Linked Insurance Plan of LIC Mutual Fund.
  9. Contribution to notified deposit scheme/ pension fund set up by the National Housing Scheme.
  10. Payments made by way of instalment or part payment of loan taken for purchase/construction or residential house
  11. Contribution by employee to a recognized Provident Fund or a Superannuation Fund.
  12. Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institutions situated within India for the purpose of full time education of any two children. However, any payment towards any development feed or donation or payment of similar nature will not be eligible.
  13. Subscription to Bonds issued by NABARD as notified by Central Government.

Deductions under Section 80 CCC

This refers to payment of premium by the individual (i.e. you the assessee) towards pension plans of LIC or any other Insurer. Deduction is available upto a limit of Rs. 150,000 in conjunction with Section 80C and Section 80 CCD.

Deductions under Section 80 CCD

  1. Contribution made by an employee towards the National Pension Scheme (NPS) upto a maximum permissible limit of Rs 150,000 Additional contribution to NPS subject to maximum limit or Rs 50,000 under new section 80CCD (1B). Contributions for Atal Pension Yojana are also eligible for deduction.
  2. Under Section 80 CCD(2) – Deposit made by an employer towards an employee’s National Pension Scheme (NPS) account, where the deposit does not exceed 10% of his/her salary, does not have a Rs. 150,000 limit.
  3. In case of self –employed individuals, from FY 2017-18, contributions of upto 20% of gross total income are deductible (vs. 10% earlier). This is subject to the maximum limit of Rs. 150,000

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