MANAGEMENT

Detailed explanation-1: -Investments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes, payment made towards the principal sum of a home loan, SSY, NSC, SCSS, etc. Payment made towards pension plans, as well as mutual funds.

Detailed explanation-2: -Any income tax paid outside India and eligible for relief of tax under section 90 or 90A or 91 is also not deductible. If any sum is borrowed for payment of income tax then the interest (if any) paid on such amount is also not deductible. and if the tax has not been deducted at source and if deducted, not paid.

Detailed explanation-3: -The Chapter VI A of Income Tax Act contains the following sections: 80C: Deduction in respect of life insurance premium, deferred annuity, contributions to provident fund (PF), subscription to certain equity shares or debentures, etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD(1).