80C for FY 2014-15 for FY 2015-16

Income Tax Guide - Section 80 Deductions (For FY 2014-15 (with changes listed for FY 2015-16))
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Deductions on Section 80C, 80CCC & 80CCD

Section 80C
 The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or a HUF. The deduction is allowed for various investments, expenses and payments.
 Total Deduction under section 80C, 80CCC and 80CCD (1) together cannot exceed Rs 1, 50,000 for the financial year 2014-15 (assessment year 2015-16). The limit for financial year 2015-16 is also Rs 1, 50,000.

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Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer

This section provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer for receiving pension from a fund referred to in Section 10(23AAB).
 In case the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.

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Section 80CCD: Deduction in respect of Contribution to Pension Account

For FY 2014-15 (assessment year 2015-16)
 Total Deduction under Section 80C, 80CCC and 80CCD (1) cannot exceed Rs 1, 50,000.
 For FY 2015-16 (assessment year 2016-17)
 A new section 80CCD (1B) has been introduced to provide for additional deduction for amount contributed to NPS of up to Rs 50,000.
 Therefore for financial year 2015-16, Total Deduction under Section 80C, 80CCC, 80CCD (1) and 80 CCD (1B) cannot exceed Rs 2, 00,000.
 From assessment year 2012-13, employer's contribution under section 80CCD (2) towards NPS is outside the monetary ceiling mentioned above.

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Deductions on Savings Bank Account

Section 80 TTA: Deduction from gross total income with respect to any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account with a bank, co-operative society or post office. Section 80TTA deduction is not available on interest income from fixed deposits.

Section 80GG: Deduction with respect to House Rent Paid
 • This deduction is available for rent paid when HRA is not received. Assesses or his spouse or minor child should not own residential accommodation at the place of employment.
 • Assesses should not be in receipt of house rent allowance.
 • He should not have self occupied residential premises in any other place.
 Deduction available is the least of
 1. Rent paid minus 10% of total income
 2. Rs. 2000/- per month
 3. 25% of total income

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Section 80E: Deduction with respect to Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education. This loan is taken for higher education for the assesses, spouse or children or for a student for whom the assesses is a legal guardian.

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Section 80EE: Deductions on Home Loan Interest for First Time Home Owners

This section provided deduction on the Home Loan Interest paid and is valid for financial years 2013-14 & 2014-15 (Assessment year 2014-15 and 2015-16) only. The deduction under this section is available only to Individuals for first house purchased where the value of the house is Rs 40lakhs or less and loan taken for the house is Rs 25lakhs or less. And the Loan has been sanctioned between 01.04.2013 to 31.03.2014. The total deduction allowed under this section is Rs 1, 00,000.

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Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfillment of conditions laid down in the section, the deduction is lower of - 50% of amount invested in equity shares or Rs 25,000.

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Section 80D: Deduction in respect of Medical Insurance

For financial year 2014-15 - Deduction is available up to Rs. 15,000/- to an assesses for insurance of self, spouse and dependent children. If individual or spouse is more than 60 years old the deduction available is Rs 20,000. An additional deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 15,000/- if less than 60 years old and Rs 20,000 if parents are more than 60 years old. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. (From AY 2013-14, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available).
 For financial year 2015-16 – Deduction is raised from Rs 15,000 to Rs 25,000. The deduction for senior citizens is raised from Rs 20,000 to Rs 30,000. For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D. However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 30,000.

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Deductions on Medical Expenditure for a Handicapped Relative

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative
 Deduction is available on:
 1. expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative
 2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
 Where disability is 40% or more but less than 80% - fixed deduction of Rs 50,000. Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1, 00,000.A certificate of disability is required from prescribed medical authority.
 Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.
 For financial year 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1, 00,000 has been raised to Rs 1, 25,000.

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Deductions on Medical Expenditure on Self or Dependent Relative

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative
 A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assesses on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assesses from any Registered Doctor.
 In case of senior citizen the deduction can be claimed up to Rs 60,000 or amount actually paid, whichever is less.
 For financial year 2015-16 – for very senior citizens Rs 80,000 is the maximum deduction that can be claimed.

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Section 80U: Deduction with respect to Person suffering from Physical Disability

Deduction of Rs. 50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.
 For financial year 2015-16 – The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1, 00,000 has been raised to Rs 1, 25,000.

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Section 80G: Deduction for donations towards Social Causes

The various donations specified in Sec. 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.
 Donations with 100% deduction without any qualifying limit:
 • National Defense Fund set up by the Central Government
 • Prime Minister's National Relief Fund
 • National Foundation for Communal Harmony
 • An approved university/educational institution of National eminence
 • Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
 • Fund set up by a State Government for the medical relief to the poor
 • National Illness Assistance Fund
 • National Blood Transfusion Council or to any State Blood Transfusion Council
 • National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
 • National Sports Fund
 • National Cultural Fund
 • Fund for Technology Development and Application
 • National Children's Fund
 • Chief Minister's Relief Fund or Lieutenant Governor's Relief Fund with respect to any State or Union Territory
 • the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister's Cyclone Relief Fund, 1996
 • The Maharashtra Chief Minister's Relief Fund during October 1, 1993 and October 6,1993
 • Chief Minister's Earthquake Relief Fund, Maharashtra
 • Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
 • Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
 • Prime Minister's Armenia Earthquake Relief Fund
 • Africa (Public Contributions — India) Fund
 • Swachh Bharat Kosh (applicable from financial year 2014-15)
 • Clean Ganga Fund (applicable from financial year 2014-15)
 • National Fund for Control of Drug Abuse (applicable from financial year 2015-16)
 Donations with 50% deduction without any qualifying limit.
 • Jawaharlal Nehru Memorial Fund
 • Prime Minister's Drought Relief Fund
 • Indira Gandhi Memorial Trust
 • The Rajiv Gandhi Foundation
 Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income
 • Government or any approved local authority, institution or association to be utilized for the purpose of promoting family planning
 • Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

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Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

• Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
 • Government or any local authority to be utilized for any charitable purpose other than the purpose of promoting family planning
 • Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both
 • Any corporation referred in Section 10(26BB) for promoting interest of minority community
 • For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.

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Section 80GGB: Deduction in respect of contributions given by companies to Political Parties

Deduction is allowed to an Indian company for amount contributed by it to any political party or an electoral trust. Deduction is allowed for contribution done by any way other than cash.
 Political party means any political party registered under section 29A of the Representation of the People Act. Contribution is defined as per section 293A of the Companies Act, 1956.

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Section 80GGC: Deduction in respect of contributions given by any person to Political Parties

Deduction is allowed to an assesses for any amount contributed to any political party or an electoral trust. Deduction is allowed for contribution done by any way other than cash.
 Political party means any political party registered under section 29A of the Representation of the People Act.

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Section 80RRB: Deduction with respect to any Income by way of Royalty of a Patent

Deduction in respect of any income by way of royalty is respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available up to Rs. 3 lacs or the income received, whichever is less. The assesses must be an individual resident of India who is a patentee. The assesses must furnish a certificate in the prescribed form duly signed by the prescribed authority.

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In the Finance Budget 2015 have some changes , but the Tax Slab is Same as previous Financial Year. The Major Changes is Raised the some Tax Section which is given below :-

1 U/s 80 U :- Max Limit Rs. 75,000/- for General from 40% to 80% for Phy.Disable Person and Rs. 1,25000/- for more than 80%.

2. U/s 10 Transport/Traveling Allowance :- Max Limit Rs. 1600 P.M. for general and Rs. 3200/- P.M. for Phy.Disable persons.

3. U/s 80D Medical Health Insurance :- Max Limit Rs. 25,000/- for below 60 years age and Rs. 30,000/- for above 60 years age.

4. U/s 80CCC Pension Scheme :- Max Limit Rs. 1,50,000/-

5. U/s 80 DDB Sever Medical Treatment :- Max Limit Rs. 80,000/- instead of 40,000/-

6. U/s 80C :- One New deduction has incorporated as Sukanya Samriddhi Account for minor girl child who's age below 10 Years, and Max Limit Rs. 15000/-

7. U/s 80TTA relief from Savings Bank Interest is also entitled in this financial year up to Rs. 10,000/- who's taxable Income below Rs. 5 Lakh.

8. U/s 87A :- Tax Rebate Rs. 2,000/- is also entitled in this financial year as before.

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189 Comparison with SBI

Pension Plans - Jeevan Akshay VI Table No 189

Introduction:                                                                                    

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

·  Type of Annuity:

o Annuity payable for life at a uniform rate.

o Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

o Annuity for life with return of purchase price on death of the annuitant.

o Annuity payable for life increasing at a simple rate of 3% p.a.

o Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

·  Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity...

Salient features:

o Premium is to be paid in a lump sum.

o Minimum purchase price :

§ Rs.100, 000/- for all distribution channels except online.

§ Rs.150, 000/- for on line sale.

o No medical examination is required under the plan.

o No maximum limits for purchase price, annuity etc.

o Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).

o Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	6750	6730	6430	4870	6640	6530	6410
40	7080	7020	6470	5230	6870	6680	6430
50	7710	7530	6520	5900	7330	6990	6470
60	8930	8390	6600	7140	8220	7620	6530
70	11650	9460	6730	9820	10130	8970	6620
80	17410	10080	6920	15440	14170	11940	6760

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Incentives for high purchase price:

For purchase price of Rs. 2.50 lakh or more, higher amount of annuity/ pension due to available incentives shall be paid.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the? Terms and Conditions? Of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 of Insurance Act 1938:

o No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

o No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies:

1.    Under option (i) annuity ceases.

2.    Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases.

3.    Under option (iii) annuity ceases and the purchase price is paid to the nominee.

4.    Under option (iv) annuity ceases.

5.    Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

6.    Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

7.    Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

TAX Benefit:

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years till now) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1, 50,000 available for deductions under section 80C.

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Jeevan Akshay VI Table No 189 Return Rate

Jeevan Akshay Proposal Form number 440: