Tax Saving Under Section 80c
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You can save tax up to rs.
Tax saving under section 80c. 1 5 lacs under section 80c from scss. 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. Section 80c deductions on investments.
Section 80c is the most used tax saving section amongst the tax payers. Section 80c allows individuals and hufs to claim tax deduction of up to rs. Taxpayers can save additional tax by investing up to 50 000 in nps.
The most widely used option to save income tax is section 80c of the income tax act. This deduction is allowed to an individual or a huf. In this article we are listing 10 ways beyond the section 80c route by which taxpayers could save on income tax.
Beyond the contribution of rs 1 5 lakh under section 80c you can invest an additional rs 50 000 in nps which can be claimed as tax deduction under section 80ccd. You can claim a deduction of rs 1 5 lakh your total income under section 80c. Under section 80c a deduction of rs 1 50 000 can be claimed from your total income.
Be it life insurance premiums ppf contributions five year term deposits or elss schemes the list of tax free instruments under this section is quite long. In simple terms you can reduce up to rs 1 50 000 from your total taxable income through section 80c. For instance taxpayers with net income over rs 10 lakh and in the highest 30 tax bracket can save a maximum income tax of rs 46 800 under section 80c including 4 percent cess see.
They also have the option of utilizing nps for the 1 5 lakh limit of section 80c. 1 50 000 from their gross total income for certain investments and payments. Eligible deductions under section 80c.
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