It should be for the benefit of the individual, his wife or children.Ĭontribution (not being repayment of loan) towards statutory provident fund and recognized provident fundĬontribution (not being repayment of loan) towards 15-year public provident fundĪccording to the Public Provident Fund Scheme, an individual can open public provident fund account in his own name or in the name of minor of whom he is guardian. Annuity plan should be taken in the name of the individual, his wife/her husband or any child of such individual.Īny sum deducted from salary payable to a Government employee for the purpose of securing him a deferred annuity (subject to a maximum of 20% of salary). Payment in respect of non-commutable deferred annuity. In the case of a Hindu undivided family, policy may be taken on the life of any member of the family. In the case of an individual, policy should be taken on his own life, life of the spouse or any child (child may be dependent/ independent, male/female, minor/major or married/unmarried).Life insurance premium (including payment made by Government employees to the Central Government Employees’ insurance scheme and payment made by a person under children’s deferred endowment assurance policy) The above assessees shall be entitled to a deduction of whole of the amount paid or deposited in the previous year, being the aggregate of sum referred to below as does not exceed Rs.1,50,000 : Qualifying Investment/Savings to avail Deduction under Section 80C from Gross Total Income This deduction is allowed only to the following assessees from their gross total income computed as per provisions of the Act:Ģ. Assessees which are Allowed Deduction under Section 80C for computing Total Income Section 80C provides deduction in respect of specified qualifying amounts paid or deposited by the assessee in the previous year.

80 c deduction of donation to madarsa