Section 80c Deduction
Among the various tax saving options most individuals prefer to claim tax deduction under section 80c of the income tax act 1961.
Section 80c deduction. 1 50 lakh are deductible from your income. Provident fund is automatically subtracted from your monthly salary. However whenever the amount received from such pension funds along with interest then it will taxable in such period.
Deduction under section 80c. In simple terms you can reduce up to rs 1 50 000 from your total taxable income and it is available for individuals and hufs. You can claim a deduction of rs 1 5 lakh your total income under section 80c.
Section 80c deductions on investments. Deductions under section 80c section 80c of the income tax act prescribes several instruments that not only offer income tax saving benefits but also provide financial returns throughout the policy period. Deduction under section 80ccd.
Section 80c includes mutual funds insurance premium tax saver fds ppf and several other schemes. Section 80c deduction of income tax act 1961 and deductions under sub sections of 80c section 80c deduction on investments. Tax deductions provide a means for individuals to reduce their tax burden.
It states that qualifying investments up to a maximum of rs. Here are the various investments you can make to save tax under section 80c of the income tax act. The deduction under this category is available under sections 80c 80ccc and 80ccd.
80ccd covers contributions to india s national pension system nps 80c limits. This means that your income gets reduced by this investment amount up to rs. Viewers are advised to ascertain the correct position prevailing law before relying upon any document.