If you are set to file your income tax return (ITR), you can claim deductions under a slew of provisions of the Income Tax Act, 1961. One of these include deductions in respect of contribution to Agnipath Scheme.
According to the provisions of section 80CCH of the I-T Act, income tax assessee is entitled to claim deduction in respect of contribution to Agnipath scheme.
Agnipath scheme: It is vital to note that this is meant for individuals enrolled in the Agnipath scheme, and subscribing to the Agniveer Corpus Fund on or after the November 1, 2022, has in the previous year paid or deposited any amount in his account in the said fund.
Deduction is also allowed where the Central government makes any contribution to the account of an assessee in the Agniveer Corpus Fund.
Insurance, provident fund & others: Under section 80C, deductions are allowed towards payments made to life insurance premium, provident fund, subscription to certain equity shares, tuition fees, National Savings Certificate, Housing Loan Principal and other various items.
LIC's annuity plan: Assessees can claim deduction for annuity plan of LIC or other insurer towards pension scheme under section 80CCC and for pension scheme of central government under section 80CCD(1).
It is vital to note that the combined deduction under these provisions (80C, 80CCC and 80CCD(1)) is ₹1,50,000.
Pension of central government: Deduction under section 80CCD(1B) is allowed towards payments made to pension scheme of central government excluding deduction claimed under section 80CCD(1).
Medical treatment: Deduction under section 80DDB is allowed towards payments made towards medical treatment of self or dependent for specified diseases.
For higher education: Under section 80E, deduction is allowed towards interest payments made on loan for higher education of self or relative.
Acquisition of house property: Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between April 1, 2016 to Mar 31, 2017.
The limit of deduction under section 80EE is ₹50,000 on the interest paid on loan taken.
Interest payment: Under section 80EEA, deduction is available to individuals towards interest payments made on loan taken for acquisition of residential house property for the first time when the loan is sanctioned between April 1, 2019 to Mar 31, 2022 and deduction should not have been claimed under section 80EE. Deduction limit of ₹1,50,000 is given on the interest paid on loan taken.
