Greetings to all, today we are going to upload the 80C Deduction List PDF to assist you all. Every taxpayer must be aware of the section 80C deduction under Chapter VI of the Income Tax Act. Section 80C is one of the most popular and preferred sections among taxpayers as it allows to reduce taxable income by making tax-saving investments or making qualified expenses. It allows a maximum deduction of Rs 1.5 lakh every year from the total income of the taxpayer.
Who can claim section 80C:- Individuals and HUF can avail this deduction. Companies, Partnership Firms, LLPs cannot avail this deduction. Section 80C includes sub-sections, 80CCC, 80CCD(1), 80CCD(1B) and 80CCD(2). It is important to note that the total limit for claiming deduction including sub-sections is Rs 1.5 lakh, excluding additional deduction of Rs 50,000. Section 80CCD(1B)
Section 80C Deduction Full List
| Types | Eligible investments for tax deductions |
|---|---|
| 80 C | 80C allows a deduction for the investment made in PPF, EPF, LIC premium, Equity-linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY), National saving certificate (NSC), Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds, etc |
| 80CCC Deduction for life insurance annuity plan. | 80CCC allows a deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt. |
| 80CCD (1) Deduction for NPS | Employee’s contribution under section 80CCD (1) Maximum deduction allowed is least of the following
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| 80CCD (1b) Deduction for NPS | Additional deduction of Rs 50,000 is allowed for the amount deposited to the NPS account Contributions to Atal Pension Yojana are also eligible for deduction. |
| 80CCD (2) Deduction for NPS | Employers’ contribution is allowed for deduction up to 10% of basic salary plus dearness allowance under this section. Benefit in this section is allowed only to salaried individuals and not self-employed. |
You can download the 80C Deduction List PDF using the link given below.