Income tax 80c list
WebSep 13, 2024 · Deduction under section 80C is available to an individual and a HUF up to a maximum of INR 1.50 Lakhs. Various deductions like Life insurance premium, PF, fixed deposit, NSC etc. are deductions covered under section 80c. 2. WebFeb 16, 2024 · An individual taxpayer planning to opt for the old tax regime for current FY 2024-23 must complete their tax-saving exercise on or before March 31, 2024. If an individual has not made any investments allowed under section 80C of the Income-tax Act, 1961 then he/she must not wait until last minute. Section 80C allows an individual to …
Income tax 80c list
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WebJan 29, 2024 · Section 80C of the Income Tax Act lists various expenditures and investments that an individual can use, to claim tax deductions on his income. Section 80C allows tax deduction of up to Rs 1.50 lakh in a year. However, you can lower your overall tax liability by up to Rs 2 lakhs if you plan diligently and claim deductions under Section 80C. WebVarious 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. National Pension Scheme 4. Employees’ Provident Fund 5. Tuition fees 6. Post Office tax-saving deposits 7. Five-year bank deposit 8. Life Insurance Premium 9.
WebApr 13, 2024 · Section 80C of the Income Tax Act is basically allows certain expenditures and investments to be exempt from tax. If you plan your investments well and spread … WebMar 24, 2024 · Section 80C is one of the most popular and favourite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. It allows a maximum deduction of Rs 1.5 lakh every year from … Individual taxpayers can claim income tax exemption for children's education und… You can efile income tax return on your income from salary, house property, capit… The income tax department does not require submitting any document/receipt fo… Income tax on house property: On Owning a house one day – everybody dreams o…
WebThe list of specified investment products in Section 80C of the Income Tax Act allows for tax savings of up to Rs 1.5 lakh every fiscal year. They include tax-saving fixed deposits (FDs) with ... WebSection 80C of the Income Tax Act, 1961 is a clause under which various expenditures and investments are exempted from income tax. There are several investments for which one can avail tax benefits under Section 80C. The maximum income tax deduction allowed under this section is ₹1.5 Lakh in a year from the total taxable income of an investor.
WebMar 1, 2024 · Under section 80CCC income tax deduction for the contributions made in specified pension plans can be claimed. The tax deduction can be claimed by individuals …
WebThe aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD (1) is Rs.1.50 Lakh and an additional deduction of Rs.50,000 is available under section 80CCD (1B). Read our detailed articles on- Investments and expenses eligible for deduction under section 80C Employee Provident Fund (EPF) New Pension Scheme (NPS) employment and learning disabilitiesWebFeb 3, 2024 · Income Tax Slabs 2024: These are the new income tax slabs under the new tax regime 1. Up to Rs 3 lakh income there is 0% or NIL tax 2. From Rs 3 lakh to Rs 6 lakh the tax rate is 5% 3. From Rs 6 lakh to Rs 9 lakh the tax rate is 10% 4. From Rs 9 lakh to Rs 12 lakh the tax rate is 15% 5. From Rs 12 lakh to Rs 15 lakh the tax rate is 20% 6. employment and labour standards manitobaWebThe taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime. For Individual (resident or non-resident) less than 60 years of age anytime during the previous year: . Existing Tax Regime. drawing of a moleculeWebFeb 2, 2024 · Income Tax Deductions List FY 2024-21 AY 2024-22. New Tax Regime Best Income Tax Saving Options 2024. Income Tax Benefits Rebate Exemptions. ... But, if you opt for the new tax regime then you can not claim tax deduction u/s 80c (but you can invest though). Reply. RAKESH KUMAR CHAMAR BAUDDH says: employment and ndisWebMay 17, 2024 · Section 80C includes an exhaustive list of tax-saving plans. Navigating the channels for effective tax planning could be cumbersome. Thus, Section 80C was split into several subsections to provide clarity. Section 80CCC is one such subsection, defining the tax rules for buying or continuing retirement plans. employment and labor relations gillespieWebDec 8, 2024 · Section 80C of the Income Tax Act provides tax deduction up to Rs1.5 lakhs to individuals and HUF. The tax deductions provide a means for individuals to reduce their … employment and life expectancyWeb1. Deduction is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000 12. This maximum limit of Rs. 1,50,000 12 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD. 2. employment and learning