Investments – Tax Planning – upto Rs. 1,00,000
Nature of Payment
- Life insurance premium (including payment made by govt. employees to the central government Employees’ insurance scheme and payment made by a person under children ‘s deferred endowment assurance policy) [subject to a maximum of 20 percent of sum assured (sum assured does not include any premium agreed to be returned or any benefit by way of bonus )][see Note 1]
- Payment in respect of non-commutable deferred annuity [see Note2]
- Any sum deduction from salary payable to a Government employee for the purpose of securing him a deferred annuity (subject to a maximum of 20 per cent of salary ) [see Note 3]
- Contribution (not being repayment of loan) towards statutory provident fund and recognized provident fund
- Contribution(not being repayment of loan)towards 15 year public provident fund [see Notes 4,6 and 11]
- Contribution towards an approved superannuation fund
- Subscription to national saving Certificates (VIII Issue)[see Note 7]
- Contribution for participating in the unit-linked insurance plan (ULIP) of unit trust of India [see Note 5]
- Contribution for participating in the unit-linked insurance plan (ULIP) of LIC mutual fund (i.e formerly known as Dhanaraksha Plan of LIC mutual fund) [see Note 5]
- Payment for notified annuity plan of LIC (i.e Jeevan Dhara and Jeevan Akshay) or any other insurer(i.e Immediate Annuity plan of ICICI Prudential Life Insurance Company, Tata AIG Easy retirement Annuity plan of Tata AIG Life insurance Company)
- Subscription towards notified unit of mutual fund or UTI
- Contribution to notified pension fund set up by mutual fund or UTI(i.e., Retirement Benefit Unit scheme of UTI and Kothary pioneer plan of Kothary Mutual Fund )
- Any sum paid (Including accrued interest )as subscription to Home Loan Account Scheme of the National Housing Bank or Contribution to any notified Deposit scheme pension fund set up by National Housing Bank.
- Any sum paid as subscription to any scheme of-
- a. Public sector company engaged in Providing Long-term finance for purchase /construction of residential housing in India (i.e., public deposit scheme of HUDCO);
b. Housing board constituted in India for the purpose of planning development or improvement of cities/town - Any sum paid as tuition fee (not including any payment towards development fees /donation /payment of similar nature) whether at time of admission or otherwise to any University/college/educational institution in India for full time education of any two children of an individual[see Note 10].
- Any installment or part payment towards the cost of purchase /construction of a residential property to a housing board or co-operative society (or repayment of housing loan taken from Government, Bank, Co-operative bank, LIC, national housing bank, assessee’s employer is public company /public sector company/university/co-operative society)[see Note 9]
- Amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of a mutual fund proceeds of which are utilised for the developing, maintaining, etc., of a new infrastructure facility
- Amount deposited in a fixed deposit for 5years or more with a scheduled bank in accordance with a scheme framed and notified by the central Government (applicable from the assessment year 2007-08)(it shall be a minimum of Rs-100 or multiples thereof)
- Subscription to any notified bonds of national bank for Agriculture and Rural Development (i.e., the NABARD Rural Development Bonds of NABARD)(applicable from the assessment year 2008-09).
- Amount deposited under senior Citizens Savings Scheme (applicable from the assessment year 2008-09)[Note 11]
- Amount deposited in Five year Time Deposit Scheme in post office (applicable from the assessment year 2008-09)[Note 11]
