Sections of IT
This query is : Resolved
Ranimol C.K.
(Querist)
12 May 2009
Like to know about section eighty CC .
Vipul J. Bhavsar
(Expert)
12 May 2009
Section 80 C provides an assesee with the Deduction from Gross total Income if payment/investment is made in specified things.
The list of payments that are deductible U/s 80C are as follows:
(Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.)
1)a contribution by an individual to any provident fund to which the Provident Funds Act applies
2)a contribution by an employee to a recognised provident fund
3)a contribution by an employee to an approved superannuation fund
4)subscription to any security of the Central Government or any deposit scheme specified.
5)subscription to savings certificate defined in Government Savings Certificates Act
6)a contributionn to unit-linked insurance plan of the LIC Mutual Fund
7)a contribution by an individual to any pension fund
8)subscription to deposit scheme of the National Housing Bank
9)as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature)
10)for the purposes of purchase or construction of a residential house property . Only principal amount.
11)as term deposit for a fixed period of not less than five years with a scheduled bank
12)as five year time deposit in an account under the Post Office
The above mentioned list is given just as an example.
Specific details can be sought out from IT book for the AY 2009-10
The list of payments that are deductible U/s 80C are as follows:
(Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.)
1)a contribution by an individual to any provident fund to which the Provident Funds Act applies
2)a contribution by an employee to a recognised provident fund
3)a contribution by an employee to an approved superannuation fund
4)subscription to any security of the Central Government or any deposit scheme specified.
5)subscription to savings certificate defined in Government Savings Certificates Act
6)a contributionn to unit-linked insurance plan of the LIC Mutual Fund
7)a contribution by an individual to any pension fund
8)subscription to deposit scheme of the National Housing Bank
9)as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature)
10)for the purposes of purchase or construction of a residential house property . Only principal amount.
11)as term deposit for a fixed period of not less than five years with a scheduled bank
12)as five year time deposit in an account under the Post Office
The above mentioned list is given just as an example.
Specific details can be sought out from IT book for the AY 2009-10
taxindiaconnect
(Expert)
12 May 2009
Section 80 CC tax is available in Tax books and text books also. please read the same and if any query, then please post the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
