Instruments / Schemes Notified for the purposes of Section 80C of the Income Tax Act, 1961

The Central Government has vide notifications 222/2005 to 225/2005 and 227/2005 notified the following instruments / schemes as being eligible for section 80C from the Assesment Years 2006-07.

1. Provident Fund established under the Public Provident Fund Scheme, 1968
2. National Savings Certificates (VIII Issue)
3. ULIP [Dhanraksha 1989] issued by the LIC MF
4. Specific Schemes of the LIC [ New Jeevan Dhara, New Jeevan Dhara-I and New Jeevan Akshay, New Jeevan Akshay-I and New Jeevan Akshay-II Plans]
5. UTI Retirement Benefit Pension Plan

Note that this does not per se cover the ELSS [Equity Linked Saving Schemes] of other Mutual Funds. A clarification on this is awaited.

The CDBT has also issued a separate notifcation 226/2005 ‘Equity Linked Saving Schemes, 2005’. I’ll be posting my comments these separately tommorrow.

All the Notifications are available on the CBDT website. Click here for quick reference.

technorati tag: Direct Taxation, Saving, Notification, Capital Market