Section 80C

 Section 80C of the Income Tax Act, 1961 is a provision that allows individuals to claim deductions on certain investments and expenses. The maximum deduction allowed under this section is Rs. 1.5 lakh per financial year. Some of the investments and expenses that qualify for deduction under Section 80C include:


1. Life insurance premiums: Premiums paid towards life insurance policies for self, spouse, and children are eligible for deduction.


2. Employee Provident Fund (EPF): Contributions made towards EPF by salaried individuals are eligible for deduction.


3. Public Provident Fund (PPF): Contributions made towards PPF accounts are eligible for deduction.


4. National Savings Certificates (NSC): Investments made in NSC are eligible for deduction.


5. Tax-saving fixed deposits: Investments made in tax-saving fixed deposits with a lock-in period of 5 years are eligible for deduction.


6. Equity-linked Saving Scheme (ELSS): Investments made in ELSS mutual funds are eligible for deduction.


7. Tuition fees: Tuition fees paid for the education of up to two children are eligible for deduction.


8. Home loan principal repayment: Repayment of the principal amount of a home loan is eligible for deduction.


9. Sukanya Samriddhi Yojana (SSY): Investments made in SSY accounts for the benefit of a girl child are eligible for deduction.


10. Senior Citizen Savings Scheme (SCSS): Investments made in SCSS are eligible for deduction.


It is important to note that the total deduction under Section 80C cannot exceed Rs. 1.5 lakh in a financial year. Additionally, some of the investments and expenses mentioned above may have their own individual limits and conditions for claiming deductions.

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