HI Friends, I am confused the usage of Section 80c, as the tax deduction won't applicable if up to 1 lakh investments & above that investments would be taxable
Kindly let me know more information on this
Regards
Meena
19th October 2008 From India , Hyderabad
Under Section 80C Investments are allowed only upto Rs. 1,00,000/-. More than that even if we invest under Sec 80C will not be allowed for exemption.
20th October 2008 From India , Hyderabad
Hi ! Meena,
You can invest more then Rs.1,00,000/- under Sec 80C of Income Tax but overall exemption you can get is maximum Rs.1,00,000/-.
Instead of investing more then Rs.1,00,000/- you can invest in Mediclaim, mutual Fund as mutual fund income is also tax free.
Pavan Mundra
9930165288
21st October 2008 From China ,
I would like to add to my further mail on Exemptions allowed towards salaries
1. Under Sec 80CCE ( i.e from 80C to 80CCC) maximum allowed is Rs. 1,00,000/- and the following are covered.
a. Life Insurance Premium paid
b. Public Provident Fund
c. Deposit in Post Office Savings Scheme
d. Deposit in NSS
e. Deposit in NSC - VIII Issue
f. Interest on NSC reinvested (Upto 5th completed year only)
g. ULIP of UTI/LIC - Should not be terminated within 5 years
h. Principal loan payment on Housing Loan taken.
i. Mutual Funds
j. Tution Fees (excluding donations, development fees etc - allowed 2 children only)
k. Fixed Deposit for a period of 5 years or more in a scheduled notified Bank.
2. Under Sec 80D
a. Medical Insurance Premium for Self, Spouse and Dependant children upto Rs. 15,000/- is allowed.
b. Medical Insurance Premium for Parents upto Rs. 15,000/- is allowed.
C. Medical Insurance Premium for Sr. Citizens extra Rs. 5,000/- is allowed
I think it clarifies the doubt.
Thanks.
GJR Sarma
22nd October 2008 From India , Hyderabad
SECTION
PARTICULARS
MAXIMUM DEDUCTION
80C
1)Life Insurance Premium on Life Policy(*): (Maximum Premium eligible limited to 20% of sum assured)
2)Contribution to Statutory or Recognized PROVIDENT FUND.
3)Contribution to 15 yr PPF (public provident fund) (*). (Maximum Rs. 70000/-)
4)NSC VIII issue (Including Accrued Interest for Ist Five Yr)
5)Contribution to ULIP of UTI or LIC Mutual Fund
6)Contribution to Notified units of MUTUAL FUND or UTI
7)Contribution to Notified pension fund set up by Mutual Fund or UTI.
8)TUITION FEES: paid to University, College or Educational Inst. In India Max. 2 Children for FULL TIME education. (Excluding Development Fees, Donation etc.)
9)Payment towards PURCHASE OR CONSTRUCTION of residential house property including repayment of Loan taken for the same.
10)Investment in approved Debenture or equity share of Public Company or Units of Mutual funds, engaged in infrastructure development.
11)Subscription to Notified BOND of NABARD.
12)Fixed Deposit for 5 or more years in Sch. Bank in accordance with the scheme framed and notified by Central Govt.
13)Deposit in Senior Citizens Saving Scheme.
14)Deposit in 5 yr TIME DEPOSIT scheme in Post office.

- Minimum period of holding is 5 years for above points 5, 9, 13, 14 & 2 years for point no. 1.
-Deposit or payment will be allowed as deduction on payment basis.

(*) – Sum paid in the account/name of SPOUSE or CHILD also eligible.

Subbu & Logu

:lol:

23rd October 2008 From India , Madras
As the details are already posted by others, i like to add that apart from the 1 lakh tax benefit under 80 c , if you take mediclaim for self /family the premium paid up to rs 15,000/ will benefit you under sec 80d.
If you take mediclaim policy for your parents then also you will get additional benefit of rs.15,000/20000 under sec 80d,
24th October 2008 From India , Pune
Hi Meena,
1. Under Sec 80C,80ccc,80ccd you can invest upto 1,00,000 to be exempted from Income Tax :
a. EPF (Directly deducted from salary & paid to EPFO)
b. VPF (Directly deducted from salary & paid to EPFO)
c. Public Provident Fund
d. Life Insurance Premium paid
e. Deposit in Post Office Savings Scheme
f. Deposit in NSS
g. Deposit in NSC
h. ULIP/ULPP
i. Principal loan payment on Housing Loan taken.
j. Mutual Funds (min. lockin for 3 years)
k. Tution Fees (excluding donations, development fees etc - allowed 2 children only)
l. Fixed Deposit in a scheduled notified Bank (5 years or more)
m. Infra. Bonds
2. Under Sec 80D
a. Medical Insurance Premium for Self, Spouse and Dependant children upto Rs. 15,000/-
b. Medical Insurance Premium for Parents upto Rs. 15,000/-.
C. Medical Insurance Premium for Sr. Citizens extra Rs. 5,000/-.
3. SEC 80E
Repayment of Interest on education loan
26th October 2008 From India , Hyderabad
Hi Meena Ji
I am working in life insurance company as a manager so as per as my knowledge given some information bellow:-and for more knowledge or invest you can get feel fee on my cell no: + 91 9891142456.

1. Under Sec 80C,80ccc,80ccd you can invest upto 1,00,000 to be exempted from Income Tax :
a. EPF (Directly deducted from salary & paid to EPFO)
b. VPF (Directly deducted from salary & paid to EPFO)
c. Public Provident Fund
d. Life Insurance Premium paid
e. Deposit in Post Office Savings Scheme
f. Deposit in NSS
g. Deposit in NSC
h. ULIP/ULPP
i. Principal loan payment on Housing Loan taken.
j. Mutual Funds (min. locking for 3 years)
k. Tuition Fees (excluding donations, development fees etc - allowed 2 children only)
l. Fixed Deposit in a scheduled notified Bank (5 years or more)
m. Infra. Bonds
Thanks & Regards
Sanjay
Delhi
27th October 2008 From India , Mumbai
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