Saturday, March 10, 2012

Income tax 2009 (Solved)


Deduction u/s 80C out of Gross Total Income                      
Rate of deduction [Section 80C (1)]
This deduction shall be admissible only to an assessee, being an individual or a Hindu undivided family.
The amount of deduction shall be actual amount paid or deposited during the previous year in prescribed saving schemes [to be called as qualifying amount for deduction u/s 80C]   or Rs. 1,00,000 which ever is less.
Qualifying amount for deduction u/s 80C:
1.  Employee or assessee's own contribution to P.F.
If S.P.F., fully qualifies [Govt., LIC, University, SBI, RBI etc.]
If R.P.F., fully qualifies.
If P.P.F., fully qualifies.  Account can be in the name of self, spouse or any child.
If U.R.P.F., does not qualify.
2.  Any amount contributed by employee towards Approved Superannuation fund-Fully qualifies.
3.  Life insurance Premium paid by employee or by employer to assure life of employee, his spouse or children (minor or major, married or unmarried) shall qualify up to actual premium paid or 20% of sum assured whichever is less. Sum assured shall not include bonus or any premium agreed to be returned.
4.  Any amount deducted from the salary payable by or on behalf of the Government to any individual in accordance with the conditions of his service, for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum so deducted does not exceed one-fifth of the salary.
5.  Any amount contributed to keep in force a contract for a deferred annuity, not being an annuity plan referred to in clause (12). The persons on whose name savings can be made are in the case of an individual, the individual, the wife or husband and any child of such individual. Such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity;
6.  Any amount deducted by employer (Govt.) out of employee's salary under group insurance scheme fully qualifies.
7.  Any amount invested by an individual or H.U.F. with UTI or LIC under Unit Linked Insurance Plan (ULIP) fully qualifies.
8.  Any amount invested in NSC VIII issue fully qualifies,
9.  Interest Accrued on NSC VIII issue purchased earlier is deemed to be reinvested hence fully qualifies.
10.  Any amount deposited under notified deposit scheme 92 fully qualifies.
11.  Any amount paid to LIC under New Jeevan Dhara, New Jeevan Dhara 1, or New  Jeevan Akshay, New Jeevan Akshay I,  New Jeevan Akshay II plans fully qualifies.
12.  Any amount deposited with mutual fund under a scheme of pension fund i.e., UTI retirement Pension Fund shall fully qualify.
13.  Any amount deposited with nationalised bank under home deposit scheme of National Housing Bank, fully qualifies.
14.  Any amount deposited with an authority engaged in housing development or town and rural development fully qualifies.
15.  Any amount deposited with housing finance institutions fully qualifies
16.  Any amount repaid under house building loan taken from Govt., LIC, Bank, HDFC, HUPCO or other housing finance institutions or employer. [Not from friends or relatives]
Amount repaid as full price or installment of price of a house purchased from Govt. or an approved   agency shall qualify up to actual amount repaid shall I qualify for deduction u/s HOC.
The amount repaid must not include interest on loan or ground rent but shall include stamp duty and registration charges.
17.  Any amount paid as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature whether at the time of admission or thereafter to :
(a)  Any school, college or university or other educational institution India,
(b)  For the purpose of full time education of any two children of the individual. The amount, which shall qualify under this section, shall not exceed actual amount paid as tuition fee for two children only.
18.  Amount paid as subscription to equity shares or debentures of any eligible issue.  In case such issue is notified by CBDT, the amount invested shall qualify for deduction u/s 80C. The amount so invested in on which deduction is claimed shall not qualify for exemption of capital gain u/s 54EA or u/s 54EB or u/s EC
19.  Amount paid as subscription to any units of any mutual fund. In case such unit scheme of mutual funds is notified by CBDT, the amount so invested shall qualify for deduction u/s 80C. The amount so invested in on which deduction is claimed shall not qualify for exemption of capital gain u/s 54EA or u/s 54EB or u/s54 EC.  The shares, debentures or units acquired under (19) and (20) above cannot be converted into money for three years.   In case such units or shares are co into money before the expiry of three years the amount of rebate claimed shall become as tax payable of the year in which these are sold or otherwise transferred.
20.  Term deposits with scheduled banks for a duration of at least 5 years as per the scheme framed by Central Government.

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