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 3rd 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—

(ix)as subscription to any such savings certificate as defined in clause (c) of section 2 of the Government Savings Certificates Act, 1959 (46 of 1959), as the Central Government may, by notification in the Official Gazette, specify in this behalf; [National Savings Certificates (VIII Issue)]: NATIONAL SAVINGS CERTIFICATES (IX-ISSUE) RULES, 2011

(x)as a contribution, in the name of any person specified in sub-section (4), for participation in the Unit-linked Insurance Plan, 1971 (hereafter in this section referred to as the Unit-linked Insurance Plan) specified in Schedule II of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);

(xi)as a contribution in the name of any person specified in sub-section (4) for participation in any such unit-linked insurance plan of the LIC Mutual Fund referred to in clause (23D) of section 10, as the Central Government may, by notification in the Official Gazette, specify in this behalf; Dhanaraksha 1989

(xii)to effect or to keep in force a contract for such annuity plan of the Life Insurance Corporation or any other insurer as the Central Government may, by notification in the Official Gazette, specify; 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)

(xiii)as subscription to any units of any Mutual Fund referred to in clause (23D) of section 10 or from the Administrator or the specified company under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf;

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