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    5. Section 80C: Income Tax Deductions under 80C

    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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