| Deductions
under Chapter VI (sec 80C) |
Deductions
under Chapter VI (sec 80C) |
- Deduction under Pension scheme (sec 80C).
- NSC (sec 80C).
- Public Provident Fund (sec 80C).
- Employees Provident Fund & Voluntary PF (sec
80C).
- Children's Education (sec 80C).
- Housing loan principal repayment (sec 80C).
- Insurance premium (sec 80C).
- Infrastructure Bonds & others (MF, ULIP,
etc.) (sec 80C).
|
- Medical Insurance Premium (sec 80D).
- Medical for handicapped dependents (Sec 80DD).
- Medical for specified diseases (Sec 80DDB).
- Higher Education Loan Interest Repayment (Sec
80E).
- Donation to approved fund and charities (sec
80G).
- Rent deduction (sec 80GG) only if HRA not received.
- Deduction for permanent disability (80U).
|
| Deductions
from gross income on Life Insurance premium paid. |
Under
Sec.80C of the Income Tax Act.
Premiums paid up to maximum of Rs.1,00,000 subject
to maximum of 20% of Capital sum Assured under Traditional
& Unit linked Plans.
Under Sec.80CCC of the Income
Tax Act.
Premiums paid up to maximum of Rs. 1,00,000 under
pension plans. However, u/s.80 CCE, the aggregate
amount of deduction under section 80C, section 80CCC,
and section 80CCD shall not, in any case exceed one
lakh rupees.
Under Sec.80DD of the Income
Tax Act.
Premiums paid under plans exclusively for physically
handicapped persons upto Rs.50,000/-In case of severe
disability as certified & issued by the medical
authority upto Rs. 75,000/-
Exemption of Life Insurance Proceeds.
Under Sec.10(10D) of the Income
Tax Act.
Maturity benefits are tax free. However in cases where
premium exceeds 20% of capital sum assured within
a year, benefits paid in excess of premiums paid will
be taxable.
Death benefits are tax-free. |
