Deduction under section 80C

February 15, 2018

1179

Deduction under Section 80C for AY 2017-18 of

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.

Sr No.	Investment / Contribution / Subscription
1	Life Insurance
2	Tax Saving mutual Fund: ELSS
3	Tax Saving FD
4	Public Provident Fund
5	Statutory PF
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