Chapter XII-DA - SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC)
Part C - Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM)
Chapter XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT)
Section 80C - Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
Income-tax Act, 1961 Part B Deductions in respect of certain payments
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Tax deduction for specified savings and insurance: eligibility, proportional limits, and recapture on early termination apply. Deduction permits individuals and HUFs to deduct payments for life insurance, deferred annuity, provident and superannuation funds, specified government securities and deposit schemes, unit-linked insurance plans, mutual fund units, pension and housing-related contributions, subject to an overall monetary limit. The provision sets proportionality limits on insurance premiums relative to capital sum assured, prescribes eligible persons and naming requirements, and provides recapture rules treating previously allowed deductions as income where contracts are terminated early, deposits withdrawn prematurely, or assets transferred within specified holding periods.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction for specified savings and insurance: eligibility, proportional limits, and recapture on early termination apply.
Deduction permits individuals and HUFs to deduct payments for life insurance, deferred annuity, provident and superannuation funds, specified government securities and deposit schemes, unit-linked insurance plans, mutual fund units, pension and housing-related contributions, subject to an overall monetary limit. The provision sets proportionality limits on insurance premiums relative to capital sum assured, prescribes eligible persons and naming requirements, and provides recapture rules treating previously allowed deductions as income where contracts are terminated early, deposits withdrawn prematurely, or assets transferred within specified holding periods.
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