Section 80C explained: Did you
realize that Section 80C, under the
Income Tax Act 1961, encourages you to lessen the tax trouble by allowing a
deduction from the total taxable income
in a financial year? Section 80C is a popular decision in the event that you
want an answer to the inquiry: How might I save tax on salary?
Section 80C explained: Did you realize that Section 80C, under the Income Tax Act 1961, encourages you
decrease the tax trouble by allowing a deduction from the total taxable income
in a financial year? Section 80C is a popular decision on the off chance that
you want an answer to the inquiry: How might I save tax on salary? Under
Section 80C of the Income Tax Act 1961, taxpayers can claim deduction advantage on payments, commitments, or investments
in a way determined by the Income Tax law. These include payment for extra
security premium, commitment to any perceived opportune reserve and
superannuation support, membership to National Savings Certificate, commitment
to ULIP, Open Fortunate Store (PPF),
Sukanya Samriddhi Yojana, 5-year tax-saving fixed store plans offered by banks,
among others.
What is Section 80C breaking point?
In one financial year, the maximum amount of deduction under Section 80C or the Section 80C breaking point is Rs 1.5 lakh. To make the greater part
of the arrangement, you have to restrict your total commitment to determined
items qualified for deduction under Section 80C.
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What investments are
secured under 80C? Does a fixed store go under 80C? Deduction list:
A portion of the popular
investments/payments qualified for tax deductions under Section 80C are:
• Investment in five-year bank fixed deposit, with a maximum score cutoff of Rs 1.5 lakh in a
financial year
• Investment in five-year mail centre time store, Senior Residents Savings Plan
• Investment in EPF or into voluntary opportune reserve
• Investment in PPF
• Investment in National Savings Certificates
• Contribution to NPS Level II account made by Central Government Workers
• Contribution to Sukanya Samriddhi Account
• Payment for Life coverage Strategy (including ULIP)
a premium of an individual and/or his or companion or any youngster
• Contribution to any approved superannuation finance
• Contribution to Unit-linked Insurance Plan (ULIP) 1971 and
ULIP of LIC Mutual Reserve; Commitment to an approved annuity plan of LIC
• Payment for subscribing to ELSS of a mutual store;
Commitment to informed annuity support set up by mutual reserve or UTI
• Repayment of Housing Loan Principal; the amount paid for
stamp obligation, registration expense and so forth.
• Payment of educational expenses – For full-time education
of his/her youngsters (maximum of two kids.) in any college, school, school, or
other educational institution located in India.
Section 80CCC:
When U/s 80C choices through
which taxpayers can claim deductions to lessen their tax trouble, Section 80CCC specifically accommodates
deductions against the commitment to certain annuity reserves. These assets
could be set up by LIC or any other insurer under a benefit conspire approved
by IRDAI. Under Section 80CCC, one can claim deduction up to Rs 1.5 lakh on payments made for continuing an
existing plan or buying another approach in a financial year. Notwithstanding,
this deduction limit is clubbed with the cutoff gave in Section 80C and Section
80CCD. Conclusion, the amount for which one can claim tax deduction under all
three sections (Section 80C, Section 80CCC, Section 80CCD) cannot be more than Rs 1.5 lakh per financial year.
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