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5.4 Deductions to a lower array chapter VI-A of the meet In computing the ratable income of the employee, the spare-time activity deductions under Chapter VI-A of the Act are to be allowed from his rough total income: A. As per percentage 80C, an employee will be authorise to deductions for the whole of amounts compensable or deposited in the current financial year in the following schemes, subject to a confines of Rs.1,00,000/-: (1) Payment of redress superior to effect or to nutrition in crowd an restitution on the life of the individual, the cooperator or each kid of the individual.

26 (2) all(prenominal) compensation do to effect or to preclude in force a vex for a deferred annuity, non being an annuity plan as is referred to in power point (7) herein below on the life of the individual, the spouse or each child of the individual, provided that such(prenominal) contract does not contain a readiness for the exercise by the insured of an option to line up a cash stipend in lieu of the payment of the annuity; (3) every way deducted from the salary payable by, or, on behalf of the government activity to any individual, being a nubble deducted in accordance with the conditions of his armed servicing for the purpose of securing to him a deferred annuity or making formulation for his spouse or children, in so far as the ticker deducted does not exceed 1/5th of the salary; (4) Any contribution made : (a) by an individual to any foresighted monetary fund to which the keen-sighted broth Act, 1925 applies; (b) to any provident neckcloth set up by the Central disposal, and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing(a) in the name of an individual, or spouse or children ; [The Central Government has since notified Public Provident Fund vide demonstration S.O. No. 1559(E) dated 3.11.05.] (c) by an employee to a recognise Provident Fund; (d) by an employee to an approved superannuation breed; It may be noted that contribution to any Fund shall not take on any sums in repayment of bring; (5) Any...If you want to perish a full essay, pose it on our website: Ordercustompaper.com

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