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Eligible investments for tax deductions |
| 80 C |
80C allows deduction for 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 |
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| 80CCC Deduction for life insurance annuity plan. |
80CCC allows 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 - 10% of salary (in case taxpayer is employee)
- 20& of gross total income (in case of self employed)
- Rs 1.5 Lakh ( limit allowed u/s 80C)
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| 80CCD (1b) Deduction for NPS |
Additional deduction of Rs 50,000 is allowed for amount deposited to NPS account
Contributions to Atal Pension Yojana is also eligible for deduction. |
| 80CCD (2) Deduction for NPS | Employers contribution is allowed for deduction upto 10% of basic salary plus dearness allowance under this section. Benefit in this section is allowed only to salaried individuals and not self employed.
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