17 July 2013
I have required to comprehensive list of all eligible deduction under section 80C. and also wanna know that how many max children are allowed for tution fees?
17 July 2013
Investments which qualify for deduction under sec 80C 1. Insurance premium paid on the life of the individual, spouse and children (children can be minor or major, married or not, dependant or not). Parents or any other relative do not qualify. Max qualifying amount is actual premum paid or 10% of Policy w.e.l 2. Employee's contribution to statutory provident fund and recognized provident fund 3. Amount deposited in PPF (only on dividual, spouse and children) 4. Amount invested in NSC certificate (VIII Issue) 5. Interest accrued on NSC certificates (VIII issue) 6. Repayment of housing loan taken from banks or financial institutions for construction or purchase of a house. 7. Tuition fee paid for education onf the children to an institution in india (Max 2 children)-Full time education only 8. Investment in units of mutual fund 9. Deposit in 10 year/15 year account under Post office saving bank (CTD) rules 10. Contribution towards unit linked insurance plan(ULIP) 11.Deposit in Senior citizen scheme and infrastructure bonds 12. Deposit in a scheduled bank for a period of 5 years (FD)
CAclubindia
