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 5th 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—

(xix)as subscription to equity shares or debentures forming part of any eligible issue of capital approved by the Board on an application made by a public company or as subscription to any eligible issue of capital by any public financial institution in the prescribed form.
Explanation.—For the purposes of this clause,—

(i)"eligible issue of capital" means an issue made by a public company formed and registered in India or a public financial institution and the entire proceeds of the issue are utilised wholly and exclusively for the purposes of any business referred to in sub-section (4) of section 80-IA;

(ii)"public company" shall have the meaning assigned to it in section 395 of the Companies Act, 1956 (1 of 1956);

(iii)"public financial institution" shall have the meaning assigned to it in section 4A96 of the Companies Act, 1956 (1 of 1956);

(xx)as subscription to any units of any mutual fund referred to in clause (23D) of section 10 and approved by the Board on an application made by such mutual fund in the prescribed form:
Provided that this clause shall apply if the amount of subscription to such units is subscribed only in the eligible issue of capital of any company.
Explanation.—For the purposes of this clause "eligible issue of capital" means an issue referred to in clause (i) of the Explanation to clause (xix) of sub-section (2);

(xxi)as term deposit—
(a)for a fixed period of not less than five years with a scheduled bank; and
(b)which is in accordance with a scheme framed and notified, by the Central Government, in the Official Gazette for the purposes of this clause.
Explanation.—For the purposes of this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

(xxii)as subscription to such bonds issued by the National Bank for Agriculture and Rural Development, as the Central Government may, by notification in the Official Gazette, specify in this behalf;

(xxiii)in an account under the Senior Citizens Savings Scheme Rules, 2004;

(xxiv)as five year time deposit in an account under the Post Office Time Deposit Rules, 1981.

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