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Any individual or huf can get a tax deduction up to rs.
Section 80 c income tax. Ch 195 tax on earned income and ch 196 municipal income tax on earned income. 1 50 lakh and you end up paying no tax on it at all. Section 80c of the income tax act is the section that deals with these tax breaks.
The income tax office will have minimal staff available to answer phones and perform only necessary functions. An individual can claim up to a maximum deduction of rs 1 5 lakh from the total taxable income under section 80c of income tax act 1961. Eligible deductions under section 80c.
1 5 lakh per financial year under section 80c of the income tax act and its allied sections such as 80ccc and 80ccd. It allows for a maximum deduction of up to rs 1 5 lakh every year from an investor s total taxable income. It basically allows certain expenditures and investments to be exempt from tax.
Among the various tax saving options most individuals prefer to claim tax deduction under section 80c of the income tax act 1961. Various deductions like life insurance premium pf fixed deposit nsc etc. 1 50 lakh are deductible from your income.
Section 80c of the income tax act came into effect on 1 april 2006. This means that your income gets reduced by this investment amount up to rs. These deductions are allowed before arriving the taxable income.
This deduction is not available to partnerships companies and other corporate bodies. Section 80c of the income tax act of india is a clause that points to various expenditures and investments that are exempted from income tax. Deduction under section 80c is available to an individual and a huf up to a maximum of inr 1 50 lakhs.
Claim The Deductions Under Section 80 C And Save Your Income Up To Rs 1 50 000 To Know More Refer To The Article Given Shorturl At Income Tax Tax Deduction
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