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Section 80C Deductions

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Tax season approaching? Understanding Section 80C can significantly reduce your tax burden. Here's a breakdown:

What is Section 80C?

Section 80C of the Income Tax Act offers a deduction to help you save tax. By investing in specific options, you can reduce your taxable income by up to Rs. 1.5 lakhs.

Key Points to remember:

  • Reduce Taxable Income: Lower taxable income translates to lower tax outgo.
  • Investment Window: Investments must be made within the relevant financial year (e.g., for FY 2023-24, invest between April 1st, 2023 and March 31st, 2024).
  • Claim Benefit: The deduction is reflected when you file your income tax return for the year (e.g., by July 31st, 2024, for FY 2023-24).
  • Eligible Individuals: Individuals and Hindu Undivided Families (HUFs) can leverage this section, applicable to both resident and non-resident Indians.
  • Who is Not Eligible: Companies, partnerships, and other corporate entities are not included.

Maximum Deduction Limit:

A maximum deduction of Rs. 1.5 lakh can be claimed under Section 80C.

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