Deduction under Section 80C for AY 2017-18 of
Income Tax Act, 1961
Features of Section 80C:
- Deduction under Section 80C is deductible from Gross total income.
- Deduction is available on the basis of specified qualifying payments/Contribution made by the taxpayer during the previous year.
- The gross qualifying amount would be allowed as deduction irrespective of the fact whether or not such amount is paid or deposited by the taxpayer out of his income chargeable to tax.
- The maximum amount deductible under section 80C, 80CCC and 80CCD(1) taken together cannot exceed Rs. 150000.
- Deduction under this section is available to Individual and HUF only.
Following are the qualifying deduction under 80C:
|Sr No.||Investment / Contribution / Subscription|
|2||Tax Saving mutual Fund: ELSS|
|3||Tax Saving FD|
|4||Public Provident Fund|
|6||Recognised Provident Fund|
|7||Approved Superannuation Fund|
|8||10Yr or 15 Yr A/c Post Office Savings Bank|
|9||National Savings Certificate|
|10||ULIP of UTI (Unit Trust of India) or LIC mutual Fund|
|11||Subscription to any units of any mutual fund or UTI (Equity Linked Savings)|
|12||Pension fund set up by mutual fund or UTI|
|13||Deposit Scheme of national housing bank NHB|
|14||Pension fund set by NHB|
|15||notified deposit scheme|
|16||Tution fees (any two children of individual)|
|17||Cost of purchase or Construciton of a residential House|
|18||Subscription of equity or debenture of Public Co. or any Financial Institutions|
|19||term deposit i.e. FD for 5 yr or more|
|20||notified bonds of NABARD|
|21||Senior Citizen savings|
|22||5yr term deposit with post office|