INCOME TAX DEDUCTION U/S 80G Following bodies to the extent of 100% of the contribution: (1) The National Defence Fund or the Prime Minister’s National Relief Fund, (2) The Prime Minister’s Armenia Earthquake Relief Fund, (3) The Africa(Public Contribution-India) Fund, (4) The National Foundation for Communal Harmony, (5) The Chief Minister’s Earthquake Relief Fund, Maharashtra, (6) The National Blood Transfusion Council, (7) The State Blood Transfusion Council, (8) The Army Central Welfare Fund, (9) The Indian Naval Benevolent Fund, (10) The Air Force Central Welfare Fund, (11) The Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996, (12) The National Illness Assistance Fund, (13) The Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund, in respect of any State or Union Territory, as the case may be, subject to certain conditions, (14) The University or educational institution of national eminence approved by the prescribed authority, (15) The National Sports Fund to be set up by the Central Government, (16) The National Cultural Fund set up by the Central Government, (17) The Fund for Technology Development and Application set up by the Central Government (18) The national trust for welfare of persons with autism, cerebral palsy mental retardation and multiple disabilities. Subscription of long term infrastructure bonds. A new section 80 CCF has been introduced vide Finance Act, 2010. This provides that for F.Y. 2010-11(A.Y. 2011-12) and onwards a further deduction upto Rs. 20,000/- shall be available, for subscription to long term infrastructure bonds, notified by the Central Government. RELIEF UNDER SECTION 89(1) Relief u/s 89(1) is available to an employee when he receives salary in advance or in arrear or when in one financial year, he receives salary of more than 12 months, or receives ‘profit in lieu of salary’ covered u/s 17(3). Relief u/s 89(1) is also admissible on family pension, as the same has been allowed by Finance Act, 2002 (with retrospective effect from 1/4/96).
Posted on: Sun, 09 Nov 2014 09:58:23 +0000
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