Tax-saving deductions cover insurance, retirement savings, housing and education investments, subject to lock-in and withdrawal conditions. Deduction is available to an individual or HUF for specified investments and payments made during the tax year, subject to the annual ceiling of Rs. 1,50,000. Eligible items include life insurance premium, deferred annuity, provident fund contributions, notified savings schemes, ULIPs, mutual fund units, housing-related deposits, tuition fees, five-year bank and post office deposits, senior citizen savings deposits, National Pension Scheme contributions, and approved equity-linked instruments. The deduction is withdrawn where specified minimum lock-in or continuation conditions are breached, and the amount earlier allowed may be treated as income in the year of withdrawal, lapse, transfer, or early termination.
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-saving deductions cover insurance, retirement savings, housing and education investments, subject to lock-in and withdrawal conditions.
Deduction is available to an individual or HUF for specified investments and payments made during the tax year, subject to the annual ceiling of Rs. 1,50,000. Eligible items include life insurance premium, deferred annuity, provident fund contributions, notified savings schemes, ULIPs, mutual fund units, housing-related deposits, tuition fees, five-year bank and post office deposits, senior citizen savings deposits, National Pension Scheme contributions, and approved equity-linked instruments. The deduction is withdrawn where specified minimum lock-in or continuation conditions are breached, and the amount earlier allowed may be treated as income in the year of withdrawal, lapse, transfer, or early termination.
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