WebSection 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction … WebIncome Tax Deduction under Section 80C This is the most crucial section for deductions for every taxpayer. The maximum exemption limit in the section is ₹1,50,000. Various avenues, like PPF, EPF, term insurance, NPS, etc., could be claimed under section 80C. Below is the complete list: 1. Public Provident Fund 2. National Savings Certificate 3.
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WebFeb 25, 2024 · Section 80C of Income Tax Act is a clause and provision that allows exemptions in the form of investments and expenditures from the taxable income. It allows a maximum of Rs. 1.5 lakh deduction every financial year from an investor’s taxable income. This clause is only applicable to Hindu Undivided Families or individual taxpayers. WebNov 18, 2024 · The tax benefits provided by Section 80C of the Income Tax Act of 1961 have contributed to ... cs-netweb
List of Various Deductions Under Section 80C – Tax Saving
Web1 day ago · To calculate the taxable income of an assesse from his gross total income there are certain deduction allowable under sections 80C to section 80U under Chapter VI of the Income Tax Act 1961. Section 80C to Section 80GGC are applicable to Individuals and Hindu Undivided Family, while Section 80IA to section 80PA are applicable to other than ... WebApr 13, 2024 · Prior to the introduction of the standard deduction, taxpayers could claim a number of deductions under the Income Tax Act's various sections, including Sections … WebApr 12, 2024 · The maximum amount of professional tax allowed as a deduction is limited to Rs. 2,500 per annum. 7. Employee’s Provident Fund (EPF): EPF is a retirement savings scheme offered by many employers to their employees. Contributions made by an employee to the EPF are eligible for a deduction under Section 80C of the Income Tax Act. eaglethorpe barns