80c Deduction List Pdf Download 2022-23 | 80c Deduction Limit – 80C Deduction List: Section 80C is one of the most popular and preferred classes among taxpayers as it allows for reducing taxable income by making tax savings investments or by making qualified expenditures. It allows deduction of a maximum of Rs 1.5 lakh every year from the total income of taxpayers.
Individuals and HUFs can take advantage of this deduction. Companies, partnership firms, LLPs cannot avail of this deduction. Section 80C includes subsections, 80CC, 80CCD(1), 80CCD(1B) and 80CCD(2). It is important to note that the total limit including subdivisions to claim the deduction is Rs 1.5 lakh, except for an additional deduction of Rs 50,000. /S80CCD(1B).
What are tax deductions? : 80c Deduction List
- Tax deduction is for the amount that you can deduct from your taxable income in a financial year.
- This reduces your overall liability and helps you save tax in lieu of your savings.
- However, the amount on which you can claim a deduction varies depending on your income slab, your total savings, and the classes under which you can claim these savings.
- The government specifies a list of savings and expenses that you can make within a year under different slabs, with a ceiling limit, corresponding to which you can claim a tax deduction.
Which are the various clauses offering tax deductions?
- The sections under which you can claim tax deductions include 80C, 80D, 80E, 80CCD, 80CCC, 24, 80CCG, 80U, 80G and many others.
- These classes list different savings with their maximum limit under each.
- If you pay for savings or expenses in a given financial year that fall under any of these categories, you can claim the mentioned tax benefits.
What investments should you make to save tax under Section 80C?
- Life insurance premium for policy for yourself, your spouse and any dependent child. In case of HUF, on life of any member of the HUF.
- Contributions made under Employees’ Provident Fund Scheme.
- Contribution to Public Provident Fund Account in the name of – self, spouse or any child. In case of HUF, any member of HUF.
- Contribution by an employee to a recognised provident fund.
- Contribution by an employee to an approved superannuation fund. List Of Approved New Sainik Schools 2022 All States | Download
- Subscription to any notified security or notified deposit scheme of the Central Government. For this purpose, Sukanya Samriddhi Account Scheme has been notified vide Notification No. 9/2015, dated 21.01.2015. Any sum deposited during the year in Sukanya Samriddhi Account by an individual would be eligible for deduction.
- Amount you deposit in your name or in the name of a girl child who is your daughter or for whom you are the legal guardian.
- Subscription to notified savings certificates (National Savings Certificates (VIII Issue)).
- Contribution for participation in unit-linked Insurance Plan of UTI in the name of – self, spouse or any child. In case of HUF, any member of HUF.
- Subscription to notified deposit scheme or notified pension fund set up by National Housing Bank (Home Loan Account Scheme/National Housing Banks (Tax Saving) Term Deposit Scheme, 2008).
- Payment made towards notified annuity plan of LIC (New Jeevan Dhara/New Jeevan Dhara-I/New Jeevan Akshay/New Jeevan Akshay-I/New Jeevan Akshay-II/Jeewan Akshay-III plan of LIC) or another insurer.
- Subscription to any units of any notified (u/s 10(23D)) Mutual Fund or the UTI (Equity Linked Saving Scheme, 2005).
- Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI (UTI Retirement Benefit Pension Fund).
- Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.
- Subscription to any units of any approved mutual fund referred to in section 10(23D), provided amount of subscription to such units is subscribed only in ‘eligible issue of capital’ referred to above.
- Term deposits with a lock-in period of at least 5 years with a scheduled bank, and which is in accordance with Scheme 11.
- Subscription to notified bonds issued by the NABARD.
- Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions).
|Investments Under Section 80C||Tax Deductions|
|Fixed Deposit||Interest earned is taxable|
|Public Provident Fund||Interest earned is tax-free|
|Employee Provident Fund||Entire PF balance (including interest) is tax-free|
|National Pension System||Employer contributions are tax-free|
|Unit linked Insurance Plans||Investment and withdrawals & maturity amount are tax-free|
|Sukanya Samriddhi Yojana||Investment and withdrawals & maturity amount are tax-free|
80c Deduction List :
|Types||Eligible investments for tax deductions|
|80 C||80C allows a deduction for the investment made in PPF, EPF, LIC premium, Equity-linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY), National saving certificate (NSC), Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds, etc|
|80CCC Deduction for life insurance annuity plan.||80CCC allows a deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.|
|80CCD (1) Deduction for NPS||Employee’s contribution under section 80CCD (1) Maximum deduction allowed is least of the following10% of salary (in case taxpayer is employee)20& of gross total income (in case of self-employed)Rs 1.5 Lakh ( limit allowed u/s 80C)|
|80CCD (1b) Deduction for NPS||Additional deduction of Rs 50,000 is allowed for the amount deposited to the NPS accountContributions to Atal Pension Yojana are also eligible for deduction.|
|80CCD (2) Deduction for NPS||Employers’ contribution is allowed for deduction up to 10% of basic salary plus dearness allowance under this section. Benefit in this section is allowed only to salaried individuals and not self-employed.|