Income Tax Act : Tax Saving Under Section 80C, Deduction & Bare Act Analysis, Year 2018-19 & 2019-20

Namaskar Dosto, Aaj ke is Video me hum log Section 80C ko in detail start kar rahe hai, ye video 6 series ka video hai jisme se ye 2nd video hai, isme hum log Section 80C of Income Tax Act 1961 As amended by Finance Act 2017 For Assessment Year 2018-2019 or Financial Year 2017-2018 and As amended by Finance Act 2018 For Assessment Year 2019-2020 or Financial year 2018-2019 ko pure detail me analyse karenge.
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Deductions in respect of certain payments:
Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.

80C(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one hundred and fifty thousand rupees.

(2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee—

(iii)by way of deduction from the salary payable by or on behalf of the Government to any individual being a sum deducted in accordance with the conditions of his service, for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum so deducted does not exceed one-fifth of the salary;

(iv)as a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies;

(v)as a contribution to any provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of any person specified in sub-section (4);

(vi)as a contribution by an employee to a recognised provident fund;

(vii) as a contribution by an employee to an approved superannuation fund;

(viii)[as subscription, in the name of any person specified in sub-section (4), to] any such security of the Central Government or any such deposit scheme as that Government may, by notification in the Official Gazette, specify in this behalf;
Notified vide Notification No. 9/2015, dated 21.01.2015
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. Amount can be deposited by an individual or in the name of girl child of an individual or in the name of the girl child for whom such an individual is the legal guardian.

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