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Download Income Tax Preparation Excel Based Software All in One TDS on Salary All in One for all Non-Govt (Private) Employees and All Govt employees for F.Y. 2019-20 With Deduction 80C A.Y.2019-20 & A.Y.2020-21 – Complete Guide

Reasoning under segment 80C for A.Y.2020-21, A.Y.2019-20, A.Y.2018-19/A.Y.2017-18/A.Y.2016-17. We realize that you are especially intrigued to know the conclusion from gross all out pay to ascertain overall gain charge. As we will talk about just here derivation under segment 80Cin detail.

There are heaps of derivations goes under Chapter VI-A from segment 80C to 80U like 80HH, 80RRB, 80U and that are just the beginning. Yet, this article is solely for the reasoning goes under segment 80C.

You can guarantee the conclusion under section 80C according to pursues:



Total measure of conclusion u/s 80C, 80CCC, 80CCD and new area 80CCE is confined to Rs.1,50,000.

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Remarkable Features of Section 80c

1) The conclusion u/s 80 C is accessible just to an individual or a Hindu unified family.

2) The reasoning 80C is accessible based on speculations/commitments/stores/installments made by citizens amid the earlier year. 

3) The greatest measure of conclusion u/s 80C is Rs.1,50,000. Also, the total measure of finding –

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(a) Under section 80C, 80CCC, 80CCD(1) [i.e., commitment by a worker (or some other individual) towards NPS] and 80CCD(2) [i.e., boss' commitment towards NPS] can't surpass Rs. 1,00,000 (pertinent for the evaluation years 2006-07 to 2011-12); and

(b) under areas 80C, 80CCC and 80CCD(1).[i.e., commitment by a representative (or some other individual) towards National Pension System (NPS)] can't surpass Rs. 1,00,000 (for the appraisal years 2012-13 to 2014-15) or Rs. 1,50,000 (from the appraisal year 2015-16).

You can profit the advantage of finding u/s 80C by putting resources into the accompanying plans.

1.       Payment for Life Insurance Premium.

2.       Payment for Deferred Annuity Plan.

3.       Deferred Annuity Payable by Government.

4.       Contribution to Public Provident Fund.

5.       Contribution to Provident Fund set up by Central Government.

6.       Contribution to Recognized Provident Fund.

7.       Contribution to perceived superannuation finance.

8.       Subscription to any security or store informed by Government.

9.       Subscription to Saving Certificates.

10.     Subscription for Unit Linked Insurance Plan 1971.

11.     Contribution for Unit Linked Insurance Plan of LIC Mutual Fund.

12.     Payment for annuity plan of LIC or some other safety net provider.

13.     Subscription to units of the told common reserve.

14.     Contribution to advised benefits store of the common reserve.

15.     Pension store set up National Housing Bank.

16.     Subscription to a store plan of open area organization occupied with giving long haul account to lodging.

17.     Tuition expenses of two youngsters in India.

18.     Payment of portion for self-financing of private property for reimbursement of credit.

19.     Subscription to value offers or debentures as endorsed for foundation. 

20.     Subscription to any units of the common reserve as endorsed by the Central Board of Direct Taxes.

21.     Notified obligations of NABARD.

22.     Deposit in a record under the Senior Citizens Savings Scheme Rules, 2004.

23.     Five-years time store in a record under the Post Officer Time Deposit Rules, 1981.

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Prominent Tax Saving Schemes Under Section 80C

Extra security Premium: You can get derivation by storing or paying disaster protection premium in the earlier year. You should note here that premium paid in the interest of spouse/husband/tyke or any individual from the family were assessed in a HUF. Tyke incorporates grown-up youngsters additionally, Thus, the derivation is accessible in regard to the premium paid on an approach on the life of a wedded little girl.

Provident Fund and Public Provident Fund: You can guarantee conclusion under segment 80C for the sum store in provident reserve moreover. The sum store for the sake of spouse/husband/kid or any individual from the family where you are as a HUF is likewise qualified for finding u/s 80C. The early commitment is Rs.1,50,000.

You can store for Rs. 1,50,000 in PPF A/c regardless of whether you have paid the sum in LIC, NSC, ULIP and so forth. Be that as it may, the derivation u/s 80C is accessible on the complete commitment of PPF, LIC, ULIP, and so forth up to limit of Rs.1,50,000.

Enthusiasm on PPF isn't treated as reinvestment for the motivation behind segment, u/s 80C is accessible regardless of whether the commitment is made in the PPF record of minor/real kids or a life partner.

National Saving Certificates (NSC): You can likewise, get reasoning under segment 80C for the sum store in national sparing accreditation alongside PPF/LIC/ULIP up to limit of Rs.1,50,000 accumulated amid the year. There is no TDS reasoning for reimbursement of NSC. Intrigued collected amid the year (aside from the most recent year) will be regarded to be reinvested and will likewise fit the bill for derivation u/s 80C.

Bank Term Deposit Schemes: Amount put resources into bank term stores alongside PPF/LIC/NSC/ULIP and so on up to a limit of Rs.1,50,000 is additionally qualified for reasoning under area 80C. The development time frame for bank term store plans is 5 years.

Mail station Time Deposit Schemes: You can likewise select mail station time store to get finding under segment 80C up to Rs.1,50,000. You should take note of that the finding is accessible just to the primary holder.

ULIP: The reasoning is additionally eligible for the sum store for the sake of himself, his/her better half/spouse or his tyke, and a HUF for the sake of its individuals to any Unit Linked Insurance Plan of UTI.

Educational cost Fees: You can guarantee the reasoning of paying the educational cost charge of your two youngsters. Here, you should take note of that educational cost charges qualified paid to any college, school, school or other instructive foundation arranged in India. Nonetheless, any advancement expenses or gift or installment of comparable nature will not be qualified for finding.

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