Section 80C is the most popular tax saving section under the Indian Income Tax Act. Any individual or HUF starting with tax planning first makes the full and optimum utilization of tax saving limit of Rs 1.5 lakhs available under this section.By investing the specified areas you can reduce your “Gross Taxable Income upto the limit specified. The tax saving option includes very popular and commonly invested options like
Let us understand the individual limits and benefits of these popular tax saving investment options used widely in India.
This magical section of Income tax Act will help you to save income & income tax.
If you are an individual or HUF, then using various ways suggested in Sec 80C, you can reduce “Gross Taxable Income” up to ? 1,50,000.
We are presenting a list of ways using which you can save income & taxes. Simply go through them & if you face any confusion, get in touch with our eCAs.
All Set? Ready? Let’s GO!!
Yes, there is no restriction on 80C deduction.
Yes, Provident Fund is covered under 80C deduction.
No, recurring deposit is not covered in 80C deduction and even interest on this is taxable.
The threshold limit for investment is INR 1. Lakh for section 80C.
Yes, there is no restriction for 80C on 44AD.
Yes, term insurance is also covered in 80C as well as 80D.
Yes , NPS comes under 80C
Yes, you can save tax on medical insurance or preventive health checkup under section 80D.You can also save taxes if you have taken any education loan for your children under section 80E.
Deduction for principal repayment of house comes under the purview of section 80C.Howver, it can only be claimed if construction is completed.
This scheme is for senior citizens. Under this scheme, maturity period is 5 years while the rate of interest is 8.6% approx.
The lock in period of this scheme is 5 years.
Investment in SSC is eligible to claim deduction u/s 80C upto Rs. 1,50,000/-
After 21 years of opening the account, you can withdraw money. However, a partial withdrawal of up to 50% of the previous year’s balance is allowed after the account holder turns 18.
You can invest any time during the relevant financial year.
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