Section 80C Deductions
Section 80C of the Income Tax Act, allows certain investments and expenditure to be tax-exempt. The total limit under this section is Rs. 100,000 (Rupees One lac) which can be any combination of the below:
- Contribution to Provident Fund or Public Provident Fund
- Payment of life insurance premium
- Investment in pension Plans
- Investment in Equity Linked Savings schemes (ELSS) of mutual funds
- Investment in specified government infrastructure bonds
- Investment in National Savings Certificates (interest of past NSCs is reinvested every year and can be added to the Section 80 limit)
- Payments towards principal repayment of housing loans.Also any registration fee or stamp duty paid.
- Payments towards tuition fees for children to any school or college or university or similar institution. (Only for 2 children)or towards coaching fee of various competitive exams.
Post office investments The investment can be from any source and not necessarily from income chargeable to tax.
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