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5.4 Deductions to a lower place chapter VI-A of the Act In calculate the taxable income of the employee, the following deductions under Chapter VI-A of the Act are to be allowed from his gross total income: A. As per section 80C, an employee will be entitled to deductions for the whole of amounts compensable or deposited in the rate of flow financial year in the following schemes, subject to a limit of Rs.1,00,000/-: (1) Payment of redress premium to effect or to keep in crowd an insurance on the manners of the individual, the spouse or each pip-squeak of the individual.

26 (2) either payment make to effect or to keep in force a contract for a deferred annuity, non b eing an annuity plan as is referred to in item (7) herein downstairs on the life of the individual, the spouse or any kid of the individual, provided that such contract does not contain a prep for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (3) Any means deducted from the salary payable by, or, on behalf of the establishment activity to any individual, being a sum deducted in accordance with the conditions of his armed service for the purpose of securing to him a deferred annuity or making preparation for his spouse or children, in so far as the sum deducted does not croak 1/5th of the salary; (4) Any contribution made : (a) by an individual to any forethoughtful monetary memory to which the farsighted Fund Act, 1925 applies; (b) to any provident neckcloth instal up by the Central regime, and notified by it in this behalf in the Official Gazette, where such contribution is to an account s tanding in the name of an individual, or spo! use or children ; [The Central Government has since notified Public Provident Fund vide Notification S.O. No. 1559(E) go out 3.11.05.] (c) by an employee to a recognise Provident Fund; (d) by an employee to an approved superannuation breed; It may be noteworthy that contribution to any Fund shall not include any sums in repayment of bring; (5) Any...If you want to get a full essay, order it on our website: OrderEssay.net

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