direct tax code

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17 September 2010 what are the changes in direct tax code under deduction 80c.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 September 2010 Savings benefits under Direct tax code

1. Under clause 69 deduction for savings under pension fund, gratuity fund, any other fund approved by the Board in accordance with scheme framed by the Central Government

2. a. Under clause 70 Life Insurance paid by Individual on behalf of own, spouse, child of such individual & paid by HUF on behalf of any member

b. Under clause 71 Health Insurance paid by Individual on behalf of own, spouse, child and parents of such individual & paid by HUF on behalf of any member

c. Under clause 72 a person, being an individual or a Hindu undivided family, shall be allowed a deduction in respect of any sum paid during the financial year towards the tuition fee to any school, college, university or other educational institution situated within India for the purpose of full time education of any 2 children of such individual or HUF

Aggregate deduction under Clause 70, 71, 72 shall not exceed Rs. 50000/-

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