Deduction Under SECTION 80C For Assessment Year: 2018-2019 and 2019-2020

Namaskar Dosto, Aaj ke is video me hum log Section 80C of income tax act, 1961 me milane wale deduction ke baare me baat karenge. joki applicable hoga for Assessment year 2018-2019 yani Financial Year 2017-2018 ke liye aur Assessment Year 2019-2020 yani Financial Year 2020-2021 ke liye.
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Section 80C:
■ Life insurance premium for policy :
- in case of individual, on life of assessee, assessee's spouse and any child of assessee
- in case of HUF, on life of any member of the HUF
■ Sum paid under a contract for a deferred annuity :
- in case of individual, on life of the individual, individual's spouse and any child of the individual (however, contract should not contain an option to receive cash payment in lieu of annuity)
- in case of HUF, on life of any member of the HUF
■ Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children
■ Contributions by an individual made under Employees' Provident Fund Scheme
■ Contribution to Public Provident Fund Account in the name of:
- in case of individual, such individual or his spouse or any child of such individual
- in case of HUF, any member of HUF
■ Contribution by an employee to a recognised provident fund
■ Contribution by an employee to an approved superannuation fund
■ Subscription to any notified security or notified deposit scheme of the Central Government. For this purpose, Sukanya Samriddhi Account Scheme has been notified vide Notification No. 9/2015, dated 21.01.2015. Any sum deposited during the year in Sukanya Samriddhi Account by an individual would be eligible for deduction.
■ Subscription to National Savings Certificates
■ Contribution for participation in ULIP of UTI :
- in case of an individual, in the name of the individual, his spouse or any child of such individual
- in case of a HUF, any member
■ Contribution to notified ULIP of LIC Mutual Fund [Dhanaraksha 1989]
- in the case of an individual, in the name of the individual, his spouse or any child of such individual
- in the case of a HUF, in the name of any member thereof
■ Subscription to Home Loan Account Scheme/National Housing
Banks (Tax Saving) Term Deposit Scheme, 2008
■ Tuition fees (excluding development fees, donations, etc.)
■ Certain payments for purchase/construction of residential house property
■ Subscription to notified schemes of (a) public sector companies engaged in providing long-term finance for purchase/construction of houses in India for residential purposes/(b) authority constituted under any law for satisfying need for housing accommodation or for planning, development or improvement of cities, towns and villages, or for both
■ Sum paid towards notified annuity plan of LIC (New Jeevan Dhara/New Jeevan Dhara-I/New Jeevan Akshay/New Jeevan Akshay-I/New Jeevan Akshay-II/Jeewan Akshay-III plan of LIC) or other insurer
■ Subscription to any units of any notified [u/s 10(23D)] Mutual Fund or the UTI (Equity Linked Saving Scheme, 2005)
■ Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI (UTI Retirement Benefit Pension Fund)
■ Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions
■ Subscription to any units of any approved mutual fund referred to in section 10(23D), provided amount of subscription to such units is subscribed only in 'eligible issue of capital' referred to above.
■ Term deposits for a fixed period of not less than 5 years with a scheduled bank, and which is in accordance with a scheme framed and notified.
■ Subscription to notified bonds issued by the NABARD.
■ Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)
■ 5-year term deposit in an account under the Post Office Time Deposit Rules, 1981 (subject to certain conditions)

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