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 4th 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—

(xiv)as a contribution by an individual to any pension fund set up by any Mutual Fund referred to in clause (23D) of section 10 or by the Administrator or the specified company, as the Central Government may, by notification in the Official Gazette, specify in this behalf;

(xv)as subscription to any such deposit scheme of, or as a contribution to any such pension fund set up by, the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987) (hereafter in this section referred to as the National Housing Bank), as the Central Government may, by notification in the Official Gazette, specify in this behalf; NHB SUVRIDDHI (Tax Saving) Term Deposit Scheme.

(xvi)as subscription to any such deposit scheme of—
(a)a public sector company which is engaged in providing long-term finance for construction or purchase of houses in India for residential purposes; or
(b)any authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both, as the Central Government may, by notification in the Official Gazette, specify in this behalf;
Public Deposit Scheme of HUDCO vide Notification S.O.No.37(E),dated 11.01.2007

(xvii)as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter,—

(a)to any university, college, school or other educational institution situated within India;

(b)for the purpose of full-time education of any of the persons specified in sub-section (4);

(xviii)for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of—

(a) any instalment or part payment of the amount due under any self-financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ownership basis; or

(b) any instalment or part payment of the amount due to any company or co-operative society of which the assessee is a shareholder or member towards the cost of the house property allotted to him; or

(c) repayment of the amount borrowed by the assessee from—
(1) the Central Government or any State Government, or
(2) any bank, including a co-operative bank, or
(3) the Life Insurance Corporation, or
(4) the National Housing Bank, or
(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee.
For Full Text Refer Section 80C.

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