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Deduction Under Section 80 C to 80 U ( How to Find Out)

1.7.      Deduction under section 80C- How to find out

Section 80C has been inserted from the assessment year 2006-2007 onwards. Section 80C provides deduction in respect of specified qualifying amounts paid deposited by the assessee in the previous year.

The following are the main provisions of the newly inserted Section 80C. :

  1. Under Section 80C , deduction would be available from Gross Total Income.

  2. Deduction under section 80C is available only to individual or HUF.

  3. Deduction is available on the basis of specified qualifying investments / contributions / deposits / payments made by the taxpayer during the previous year.

  4. The maximum amount deduction under section 80C , 80CCC, and 80CCD can not exceed  Rs.1 lakh.

The Deduction is calculated as per the following steps –

Step-1  : Gross qualifying Amount which is the aggregate of the following…

    1. Life Insurance Premium

    2. Payment in respect of non-commutable deferred annuity.

    3. Any sum deducted form salary payable to Govt. employee for the purpose of securing him a deferred annuity.

    4. Contribution towards Statutory Provident Fund and Recognised Provident Fund.

    5. Contribution towards 15-year Public Provident Fund

    6. Contribution towards an Approved Superannuation Fund.

    7. Subscription to National Saving Certificates, VIII Issue.

    8. Contribution for participating in the Unit-linked Insurance Plan (ULIP) of UTI.

    9. Contribution for participating in the Unit-linked Insurance Plan (ULIP) of LIC Mutual Fund.

    10. Payment to notified annuity plan of LIC

    11. Subscription towards notified Units of Mutual Fund or UTI.

    12. Contribution to notified Pension Fund set up by Mutual Fund or UTI.

    13. Any sum paid as subscription to Home Loan Account Scheme of the National Housing Bank.

    14. Any sum paid as Tuition Fees for full time education of any 2 children of an individual.

    15. Any payment towards the cost of purchase / construction of a residential Property.

    16. Amount invested in approved Debenture of , and equity shares in, public company engaged in infrastructure.

    17. Amount deposited in as Term Deposit for a period of 5 years or more in accordance with a scheme framed by the Government.

    18. Subscription to any notified Bonds of National Bank for Agriculture and Rural Development ( NABARD)

    19. Amount deposited under Senior Citizens Saving Scheme.

    20. Amount deposited in 5 Year Time Deposit in Post Office.

Step-2  : Net Qualifying Amount :

Deduction u/s 80C is available on the basis of Net Qualifying Amount which is determined as under …

    1. Gross Qualifying Amount ; or

    2. Rs. 1,50,000

      Whichever is LESS.

Step-3  : Amount of Deduction :

Amount Deduction u/s 80C is computed as under :

    1. Net Qualifying Amount ; or

    2. Rs. 1,50,00

    Whichever is LESS.

    The aggregate deduction u/s 80C, 80CCC, and 80 CCD can not exceed Rs. 1,50,000.
 

Section

Nature of deduction

Who can claim

(1)

(2)

(3)

80C

 ■  Life insurance premium for policy :

 -    in case of individual, on life of assessee, assessee's spouse and any child of assessee

 -    in case of HUF, on life of any member of the HUF

 ■  Sum paid under a contract for a deferred annuity :

 -    in case of individual, on life of the individual, individual's spouse and any child of the individual (however, contract should not contain an option to receive cash payment in lieu of annuity)

 -     in case of HUF, on life of any member of the HUF

 ■  Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]

 ■  Contributions by an individual made under Employees' Provident Fund Scheme

 ■  Contribution to Public Provident Fund Account in the name of:

 -    in case of individual, such individual or his spouse or any child of such individual

 -    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

 ■  Subscription to any notified security or notified deposit scheme of the Central Government. For this purpose, SukanyaSamriddhi Account Scheme has been notified vide Notification No. 9/2015, dated 21.01.2015. Any sum deposited during the year in SukanyaSamriddhi Account by an individual would be eligible for deduction.

 ■  Amount can be deposited by an individual or in the name of girl child of an individual or in the name of the girl child for whom such an individual is the legal guardian.

 ■  Subscription to notified savings certificates [National Savings Certificates (VIII Issue)]

 ■  Contribution for participation in unit-linked Insurance Plan of UTI :

 -    in case of an individual, in the name of the individual, his spouse or any child of such individual

 -    in case of a HUF, in the name of any member thereof

 ■  Contribution to notified unit-linked insurance plan of LIC Mutual Fund [Dhanaraksha 1989]

 -    in the case of an individual, in the name of the individual, his spouse or any child of such individual

 -    in the case of a HUF, in the name of any member thereof

 ■  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]

 ■  Tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution situated in India, for full time education of any 2 of his/her children

 ■  Certain payments for purchase/construction of residential house property

 ■  Subscription to notified schemes of (a) public sector companies engaged in providing long-term finance for purchase/construction of houses in India for residential purposes/(b) authority constituted under any law for satisfying need for housing accommodation or for planning, development or improvement of cities, towns and villages, or for both

 ■  Sum paid 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 other 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 for a fixed period of not less than 5 years with a scheduled bank, and which is in accordance with a scheme12 framed and notified.

 ■  Subscription to notified bonds issued by the NABARD.

 ■  Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)

 ■  5-year term deposit in an account under the Post Office Time Deposit Rules, 1981 (subject to certain conditions)

Individual/HUF

Notes:

 1.  Deduction is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000. This maximum limit of Rs. 1,50,000 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD.

2. The sums paid or deposited need not be out of income chargeable to tax of the previous year. Amount may be paid or deposited any time during the previous year, but the deduction shall be available on so much of the aggregate of sums as do not exceed the total income chargeable to tax during the previous year.

 3.  Life Insurance premium is part of gross qualifying amount for the purpose of deduction under section 80C. Payment of premium which is in excess of 10 per cent (if policy is issued on or after 1-4-2013, 15% in case of insurance on life of person with disability referred to insection 80U or suffering from disease or ailment specified in section 80DDB/rule 11DD) of actual capital sum assured shall not be included in gross qualifying amount. The value of any premiums agreed to be returned or of any benefit by way of bonus or otherwise, over and above the sum actually assured, which is to be or may be received under the policy by any person, shall not be taken into account for the purpose of calculating the actual capital sum assured.

The limit of 10 per cent will be applicable only in the case of policies issued on or after 1-4-2012. In respect of policies issued prior to 1-4-2012, the old limit of 20 per cent of actual sum assured will be applicable.

With effect from 1-4-2013, 'actual capital sum assured' in relation to a life insurance policy shall mean the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy, not taking into account—

 (i)  the value of any premium agreed to be returned; or

(ii) any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person.

 4.  Where, in any previous year, an assessee—

 (i)  terminates his contract of insurance, by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,—

(a) in case of any single premium policy, within two years after the date of commencement of insurance; or

(b) in any other case, before premiums have been paid for two years; or

(ii) terminates his participation in any unit-linked insurance plan (ULIP), by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years; or

(iii) transfers the house property before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause,

then,—

(a) no deduction shall be allowed to the assessee with reference to any of such sums, paid in such previous year; and

(b) the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.

If any equity shares or debentures, with reference to the cost of which a deduction is allowed, are sold or otherwise transferred by the assessee to any person at any time within a period of three years from the date of their acquisition, the aggregate amount of the deductions of income so allowed in respect of such equity shares or debentures in the previous year or years preceding the previous year in which such sale or transfer has taken place shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.

A person shall be treated as having acquired any shares or debentures on the date on which his name is entered in relation to those shares or debentures in the register of members or of debenture-holders, as the case may be, of the public company.

 5.  If any amount, including interest accrued thereon, is withdrawn by the assessee from his deposit account made under (a) Senior Citizen Saving Scheme or (b) Post Office Time Deposit Rules, before the expiry of the period of five years from the date of its deposit, the amount so withdrawn shall be deemed to be the income of the assessee of the previous year in which the amount is withdrawn and shall be liable to tax in the assessment year relevant to such previous year.

The amount liable to tax shall not include the following amounts, namely:—

 (i)  any amount of interest, relating to deposits referred to above, which has been included in the total income of the assessee of the previous year or years preceding such previous year; and

(ii)  any amount received by the nominee or legal heir of the assessee, on the death of such assessee, other than interest, if any, accrued thereon, which was not included in the total income of the assessee for the previous year or years preceding such previous year.

 

Section

Nature of deduction

Who can claim

(1)

(2)

(3)

80CCC

Contributions to certain pension funds of LIC or any other insurer (up to Rs. 1,50,000) (subject to certain conditions)3

Individual

80CCD

Contribution to pension scheme notified by Central Government up to 10% of salary (subject to certain conditions and limits)4

Contribution made by employer shall also be allowed as deduction under section 80CCD(2) while computing total income of the employee. However, amount of deduction could not exceed 10% of salary of the employee

Individual

80CCF

Amount up to Rs. 20,000, paid or deposited, during the previous years relevant to assessment year 2011-12 or 2012-13, as subscription to notified long-term infrastructure bonds

Individual/HUF

80CCG

50 per cent of amount invested by specified resident individuals in notified equity savings scheme5(subject to certain conditions and limits) (maximum deduction : Rs. 25,000)

Specified resident individuals (new retail investors)

80D

Amount paid (in any mode other than cash) by an individual or HUF to LIC or other insurer to effect or keep in force an insurance on the health of specified person. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up (subject to limit)

Individual/HUF

  ■  specified person means:

  -   In case of Individual - self, spouse, dependent children or parents

  -   In case of HUF - Any member thereof

  ■  Deduction for preventive health check-up shall not exceed in aggregate Rs. 5,000.

  ■  Payment on account of preventive health check-up may be made in cash.

80DD

Deduction of Rs. 75,000 (Rs. 1,25,000 in case of severe disability) to a resident individual/HUF where (a) any expenditure has been incurred for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] (w.e.f. assessment year 2005-06 including autism, cerebral palsy and multiple disability as referred to in National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999), or (b) any amount is paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company for the maintenance of a dependent, being a person with disability (subject to certain conditions)

Resident Individual/HUF

80DDB

Expenses actually paid for medical treatment of specified diseases and ailments subject to certain conditions7

Resident Individual/HUF

80E

Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education8 (subject to certain conditions) (maximum period : 8 years)

Individual

80EE

Interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property (Maximum deduction : Rs. 3,00,000)

Individual

80G

Donations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc. [amount of deduction is 50 per cent of net qualifying amount]. 100 per cent of qualifying donations to National Defence Fund, Prime Minister's National Relief Fund, Prime Minister's Armenia Earthquake Relief Fund, Africa (Public Contributions - India) Fund, National Children's Fund (from 1-4-2014), Government or approved association for promoting family planning, universities and approved educational institutions of national eminence, National Foundation for Communal Harmony, Chief Minister's Earthquake Relief Fund (Maharashtra), Zila Saksharta Samitis, National or State Blood Transfusion Council, Fund set up by State Government to provide medical relief to the poor, Army Central Welfare Fund, Indian Naval Benevolent Fund and Air Force Central Welfare Fund, Andhra Pradesh Chief Minister's Cyclone Relief Fund, National Illness Assistance Fund, Chief Minister's Relief Fund or the Lt. Governor's Relief Fund in respect of any State or Union Territory, National Sports Fund, National Cultural Fund, Fund for Technology Development and Application, Indian Olympic Association, etc.9, fund set up by State Government of Gujarat exclusively for providing relief to victims of earthquake in Gujarat, National Trust for Welfare of Persons with Autism, Cerebral palsy, Mental retardation and Multiple Disabilities, and sums paid between 26-1-2001 and 30-9-2001 to any eligible trust, institution or fund for providing relief to Gujarat earthquake victims10, the Swachh Bharat Kosh and the Clean Ganga Fund (from assessment year 2015-16) and National Fund for Control of Drug Abuse (from assessment year 2016-17) [subject to certain conditions and limits]11

All assessees

80GG

Rent paid in excess of 10% of total income for furnished/unfurnished resi-dential accommodation (subject to maximum of Rs. 2,000 p.m. or 25% of total income, whichever is less) (subject to certain conditions)

Individuals not receiving any house rent allowance

80GGA

Certain donations for scientific, social or statistical research or rural development programme or for carrying out an eligible project or scheme or National Urban Poverty Eradication Fund (subject to certain conditions)

All assessees not having any income chargeable under the head 'Profits and gains of business or profession'

80GGB

Sum contributed to any political party/electoral trust13

Indian company

80GGC

Sum contributed to any political party/electoral trust13

All assessees, other than local authority and artificial juridical person wholly or partly funded by Government

 

For certain incomes

 

80-IA

Profits and gains from industrial undertakings engaged in infrastructure facility, telecommunication services, industrial park, development of Special Economic Zone, power undertakings, etc. (subject to certain conditions and limits)14

All assessees

80-IAB

Profits and gains derived by undertaking/enterprise from business of developing a Special Economic Zone notified on or after 1-4-2005 (subject to certain conditions and limits)

Assessee being Developer of SEZ

80-IB

Profits and gains from industrial undertakings, cold storage plant, hotel, scientific research & development, mineral oil concern, housing projects, cold chain facility, multiplex theatres, convention centres, ships, etc. (subject to certain conditions and limits)

All assessees

80-IC

Profits and gains derived by an undertaking or an enterprise in special category States (Himachal Pradesh, Uttaranchal, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura) (subject to certain limits, time limits and conditions),

(a) which has begun or begins to manufacture or produce any article or thing, not being any article or thing specified in the Thirteenth Schedule, or which manufactures or produces any article or thing, not being any article or thing specified in the Thirteenth Schedule and undertakes substantial expansion during the specified period.

(b) which has begun or begins to manufacture or produce any article or thing specified in the Fourteenth Schedule or commences any operation specified in that Schedule, or which manufactures or produces any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule and undertakes substantial expansion during the specified period

All assessees

80-ID

Profits and gains from business of hotels and convention centres in specified areas (subject to certain conditions).

All assessees

80-IE

Deduction in respect of certain undertakings in North Eastern States.

All assessees

80JJA

Entire income from business of collecting and processing or treating of bio-degradable waste for generating power, or producing bio-fertilizers, bio-pesticides or other biological agents or for producing bio-gas, making pellets or briquettes for fuel or organic manure (for 5 consecutive assessment years)

All assessees

80JJAA

30 per cent of additional wages15 paid to new regular workmen employed in the previous year for 3 assessment years including the assessment year relevant to the previous year in which such employment is provided (subject to certain conditions)

Indian company having profits and gains derived from manufacture of goods in a factory15

80LA

Certain incomes of Scheduled banks/banks incorporated outside India having Offshore Banking Units in a Special Economic Zone/Units of International Financial Services Centre (subject to certain conditions and limits)

Scheduled Banks/banks incorporated outside India/Units of International Financial Services Centre

80P

Specified incomes [subject to varying limits specified in sub-section (2)]

Co-operative societies

80QQB

Royalty income of author of certain specified category of books (up to Rs. 3,00,000) (subject to certain conditions)

Resident Individual - Author

80RRB

Royalty on patents up to Rs. 3,00,000 in the case of a resident individual who is a patentee and is in receipt of income by way of royalty in respect of a patent registered on or after 1-4-2003 (subject to certain conditions).

Resident individuals

80TTA

 Interest on deposits in savings bank accounts (up to Rs. 10,000 per year)

Individuals/HUFs

80U

Deduction of Rs. 75,000 to a resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] [w.e.f. assessment year 2005-06 including autism, cerebral palsy, and multiple disabilities as defined under National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999] [in the case of a person with severe disability, allowable deduction is Rs. 1,25,000] (subject to certain conditions).

Resident individuals

 

 1.  with effect from assessment year 2015-16.

 2.  Where deduction is claimed under this section, deduction in relation to same amount cannot be claimed under section 80C.

 3.  Section 80CCE provides that the aggregate amount of deductions under section 80C, section 80CCC and section 80CCD shall not, in any case, exceed Rs. 1,50,000

With effect from assessment year 2015-16, amended sub-section (1) has clarified that a non-government employee can claim deduction under section 80CCD even if his date of joining is prior to January 1, 2004.

 4.  With effect from the assessment year 2012-13 section 80CCE is amended so as to provide that contribution made by the Central Government or any other employer to a pension scheme under sub-section (2) of section 80CCD shall not be included in the limit of deduction of Rs. 1,50,000 provided under section 80CCE.

With effect from assessment year 2016-17, sub-section (1A) of Section 80CCD which laid down maximum deduction limit of Rs. 1,00,000 (under sub-section (1)) has been deleted.

Further, a new sub-section (1B) is inserted to provide for additional deduction to the extent of Rs. 50,000. The additional deduction is not subject to ceiling limit of Rs. 1,50,000 as provided under Section 80CCE.

However, it is to be noted that addition deduction of Rs. 50,000 shall not be allowed in respect of contribution which is considered for deduction under Section 80CCD(1), i.e., within limit of 10% of salary/gross total income

 5.  Rajiv Gandhi Equity Savings Scheme, 2012/2013.

With effect from assessment year 2014-15 (a) investment in listed units of an equity oriented fund is also permitted; (b) deduction shall be allowed for three consecutive assessment years, beginning with the assessment year relevant to previous year in which the listed equity shares or listed units of equity oriented fund were first acquired and (c) gross total income of the assessee for relevant assessment year shall not exceed twelve lakh rupees.

 6.  Section 80D is amended by the Finance Act, 2015. From assessment year 2016-17 onwards the deduction under Section 80D will be available as per the limit specified below:

Individual

HUF

For self, spouse and dependent children : Rs. 25,000 (Rs. 30,000 if person insured is a senior citizen* or very senior citizen**);

Premium up to Rs. 25,000 (Rs. 30,000 if member insured is a senior citizen or very senior citizen) paid to insure any member of the family.

For parents of the assessee : (Additional) Rs. 25,000 (Rs. 30,000 if person insured is a senior citizen or very senior citizen)

NA

Medical expenditure if no amount is paid in respect of health insurance-Rs.30,000 (only in case of very senior citizen)

Medical expenditure if no amount is paid in respect of health insurance-Rs.30,000 (only in case of very senior citizen)

Aggregate amount of deduction cannot exceed Rs.60,000 in any case

Aggregate amount of deduction cannot exceed Rs.30,000 in any case.

 

*‘Senior citizen’ means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.

**‘Very senior citizen’ means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year. 

 

 7.  Maximum deduction is Rs. 40,000 (Rs. 60,000 where expenditure is incurred for a senior citizen and Rs. 80,000 in case of very senior citizen[w.e.f assessment year 2016-17])

 With effect from assessment year 2016-17, the taxpayer shall be required to obtain a prescription from a specialist doctor (not necessarily from a doctor working in a Government hospital) for availing this deduction.

 8.  Scope of 'higher education' is enlarged with effect from assessment year 2010-11 to cover any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, Board or university recognised by the Central Government or State Government or local authority or by any other authority authorized by the Central Government or State Government or local authority to do so.

With effect from 1-4-2010 the scope of expression 'relative' has also been enlarged to cover the student for whom the taxpayer is the legal guardian.

 9.  Donation of any sums paid by the assessee, being a company, in the previous year as donations to the Indian Olympic Association or to any other association or institution established in India, as the Central Government may, having regard to the prescribed guidelines, by notification in the Official Gazette, specify in this behalf for—

 (i)  the development of infrastructure for sports and games; or

(ii)  the sponsorship of sports and games,

in India;

is eligible for the purpose of deduction under section 80G [this is in consequence of omission of section 10(23)].

 10.  Donation made to an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both is also eligible for the purpose of deduction under section 80G from the assessment year 2003-04 [this is in consequence of omission of section 10(20A)].

 11.  With effect from 1-4-2013 no deduction shall be allowed in respect of donation of any sum exceeding ten thousand rupees unless such sum is paid by any mode other than cash.

 12.  With effect from 1-4-2013 no deduction shall be allowed under this section in respect of any sum exceeding ten thousand rupees unless such sum is paid by any mode other than cash.

 13.  With effect from 1-4-2014 deduction will not be allowed if sum is contributed in cash.

 14.  Time limits stated under section 80-IA(4)(iv) have been extended from 31-3-2014 to 31-3-2017.

 15.  Additional wages means the wages paid to the new regular workman in excess of 50 workmen employed during the previous year.

In case of an existing factory, the additional wages shall be nil, if increase in number of regular workmen employed during the year is less than 10% of existing number of workmen employed in such factory as on the last day of the preceding year.

 15.  With effect from Assessment Year 2016-17, the deduction shall be available to all assessees [not just Indian companies]engaged in the business of manufacturing of goods in a factory.

 
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