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Along with scaling significantly low on risk factor fixed deposits also let investors avail deductions under section 80c of the income tax act 1961.
Fdr deduction under section 80c. Sukanya samriddhi account sukanya samriddhi account scheme is a small deposit scheme for girl child as part of beti bachao beti padhao campaign which would currently fetch yearly interest rate of 9 1 per cent and provide income tax deduction under section 80c of the income tax act 1961. Deduction under section 80c section 80ccc section 80ccd maximum amount of income tax deduction rs. Section 80c is the most popular income tax deduction for tax saving.
80c deduction limit for current fy 2019 20 ay 2020 21 is rs 1 50 000. You must be briefed that there are many tax saving resources accessible in approved schemes such as ppf elss or insurance under section 80c of the income tax act 1961. Tax saver fixed deposit fd is a type of fixed deposit by investing in which you can get tax deduction under section 80c of the indian income tax act 1961.
Section 80c of the income tax act describes the deduction which helps to reduce the tax liability. Section 80c of the income tax act 1961 allows taxpayers to avail certain deductions on their earned income provided they have successfully made investment mentioned under section 80c. A point to note here is that section 80c provides cumulative deductions up to rs 1 5 lakhs per year from all investments in relevant instruments.
But apart from this there. Any investor can claim a deduction of a maximum of rs 1. Interest on such account is taxable as income from other sources.
Features of tax saving fixed deposits tax saving fixed deposits falling under the ambit of section 80c are packed with features that can help you get more out of your investments. A tax saver fixed deposit is a type of fixed deposit under which you can avail a tax deduction as per section 80c of the income tax act 1961. Deductions under section 80c are relevant for every person filing an itr.
50 000 deduction under section 80c. For claiming the tax benefit itr filing is mandatory. A complete guide on section 80c of income tax act.
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