Deductions u/s80c
Deductions under section 80c:
Deductions in respect of certain investments made or certain payments, deposits made.
Quantum of Exemption:
Rs. 100000 or amount invested or payment made , whichever is less.
Condition:
The maximum amount of exemptions under sections 80c, 80ccc and 80ccd should not exceed Rs. 100000.
Deductions in respect of contribution to certain pension fund 80ccc eligible assessee:
It is allowed in respect of any amount paid or deposited in the P.Y. for an annuity plan of LIC or any other insurer for receiving pension.
Deductible amount:
The amount so paid or Rs: 100000 whichever is less.
The contribution made by the central government to the account of an employee under a pension scheme referred to in section 80ccd.
section 80ccd is applicable if the following condition are satisfied.
Eligible assessee: individual
He is employed by central government on after 1-1-2014. Amount should be deposited any amount in his account under a pension scheme notified by the central government during the P.Y. 10%of employee's contribution to the above scheme is deductible 10 % of contribution by the central government to the above scheme is deductible in the year in which the contribution is made.
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