WebJun 29, 2024 · You can take advantage of the income tax deduction provision under Section 80C of the Income Tax Act by investing up to Rs.1.5 lakh in a tax-saver fixed deposit account. The scheme ensures returns along with capital protection. However, you must note that the interest income from the account is fully taxable. WebTotal 80C limit as per the Income Tax Act, 1961 is Rs.1.5 lakh per financial year. Following are some of the 80C deduction options available as per the Income Tax Act, 1961: Life …
Tax Benefit Under Section 80C and 80D HDFC Life
WebAug 3, 2024 · Tax Benefits Under Section 80C of the Income Tax Act. When it comes to tax planning, most people opt for deductions and exclusions under Section 80C of the Income Tax Act. Under this section, individuals can claim deductions up to a maximum of INR 1,50,000 per year for premiums paid towards insurance policies and other investment … WebApr 8, 2024 · Under Section 80C, a maximum of Rs 150000 in any given financial year is eligible for tax exemption. However, with NPS investment, there is an additional benefit which allows exemption on Rs. 50000 over and above the eligible exemption on Rs 150000. dan ryan huntfield towns
Children Education Deduction - Tax Benefits Under Section 80C
WebJan 7, 2024 · 1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1.5 lakh for education expenses incurred for one’s children. 2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children in a family. WebMay 11, 2024 · Section 80C is one of the most popular and popular categories for taxpayers as it allows for a reduction in taxable income by making tax savings or incurring reasonable costs. It allows for a maximum deduction of Rs 1.5 lakh annually from taxpayers the amount of revenue. The benefits of this release can be obtained by individuals and HUFs. WebSection 80C provides deduction in respect of specified qualifying amounts paid or deposited by the assessee in the previous year. 1. Assessees which are Allowed Deduction under Section 80C for computing Total Income This deduction is allowed only to the following assessees from their gross total income computed as per provisions of the Act: dan ryan homes firethorne