WebOct 24, 2024 · The 5-year tax-saving bank deposit gives tax benefit under Section 80C as the amount you invest in the 5 year FD is deducted from your taxable income. However, …

Section 80C Rs.1,50,000/- Limit Tax Saving Investments

WebSection - 80C. Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. 10 Record (s) … WebFor Example: Assuming you earned a gross total income of ` 10,00,000/- as taxable income in PY 2015-16 (Assessment Year will be 2016-17 when you will estimate and pay the tax on this income). If you invest ` 100,000/- of this income in any or multiple activities listed under Section 80C, your total taxable income will be reduced to ` 900,000 ... csr technician duties

Income Tax Deduction Under Section 80C AY 2024-23 - Scripbox

Web1. 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. WebFeb 16, 2024 · There are certain subsections to the 80C tax exemption list under the Income Tax Act, 1961, as mentioned below: INCOME TAX ACT SUB-SECTIONS. EXEMPTIONS. Section 80C: Tax exemption under 80C is for payments made towards life insurance premiums, ELSS, the principal amount of a house loan, SSY, NSC, SCSS, and other … WebIt is available under both old and new income tax regimes. The 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-. earache usa store