What are the various deductions allowed under Chapter VI A?
Under 80C, an employee is entitled to deductions for the amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.100, 000/-: Life Insurance Premium Contributions to recognized Provident Fund / V P F / P P F Contributions to approved Superannuation Fund Cumulative Time Deposit A/c with P O Contribution to U L I P, 1971 of Unit Trust of India Contribution to U L I P of LIC Mutual Funds Annuity with Insurance Company Subscription to Mutual Fund Subscription to deposit schemes of National Housing Bank Subscription to NSC & Interest accrued on NSC subscription Subscription to deposit schemes of a public sector company engaged in providing long-term finance for construction / purchase of houses in India for residential purposes.
