Deduction Available under Section 80-C (Upto a Maximum of Rs.1,00,000):

The following deductions are available under section 80-C subject to a Max. of 1,00,000 a year.I hope the below mentioned list would help u to invest accordingly and would help the eliglble people in claiming deductions.Check that out.



a) Subscription to Provident Fund (GPF/CPF)
b) LIC premium paid
c) Postal Life Insurance (PLI)
d) Contribution to Public Provident Fund (PPF)
e) Group Insurance Scheme (GIS)
f) Subscription to 6 year NSC Issues.
g) Accrued interest on the issue of NSC
h) Subscription to National Savings Scheme
i) Unit Linked Insurance Plan 1971 (ULIP) of UTI
j) Accrued Interest in respect of NSC
k) HBA Principal
l) Contribution to Post Office 10 year/15 year CTD accounts
m) Subscription to any units of a Mutual Fund
n) Contribution to a notified pension fund set up by any notified Mutual Fund
o) Infrastructure Bonds




All the Best .....

Deduction of Income Tax at Source from the Salary for the F.Y. 2006-07

Deduction of Income Tax at Source from the Salary for the Financial Year 2006-07 (Assessment Year 2007-08) under Section 192 of I.T.Act, 1961.

Under Section 192 of I.T. Act,1961 the Drawing and Disbursing Officer is
required to deduct Income Tax at source while making the payment of salary
etc.during the financial year.

In order to assess the Income Tax liability, after allowing admissible
deductions and rebates under various sections of Income Tax Act, all staff
members of the Institute are requested to submit declaration of their savings
(other than Salary savings viz., GPF/CPF, Life Insurance Premia/HBA principal etc., recovered from salary) in the prescribed pro-forma (Annexure A).


Latest Updated