Section 80 C Of Income Tax

This deduction is not available to partnerships companies and other corporate bodies.
Section 80 c of income tax. In simple terms you can reduce up to rs 1 50 000 from your total taxable income and it is available for individuals and hufs. Section 80c allows individuals and hufs to claim tax deduction of up to rs. If you plan your investments well and spread them intelligently across different investments such as ppf nsc etc you can claim deductions up to rs 1 5 lakh thereby lowering your tax liability.
It allows for a maximum deduction of up to rs 1 5 lakh every year from an investor s total taxable income. Section 80c of the income tax act came into effect on 1 april 2006. Any individual or huf can get a tax deduction up to rs.
This tax deduction under section 80c can be claimed by individuals and hindu undivided families hufs while filing an income tax return. It basically allows certain expenditures and investments to be exempt from tax. Section 80c of the income tax act tax deduction up to rs.
Section 80c deduction on investments an individual can claim up to a maximum deduction of rs 1 5 lakh from the total taxable income under section 80c of income tax act 1961. Tax deductions provide a means for individuals to reduce their tax burden. Among the various tax saving options most individuals prefer to claim tax deduction under section 80c of the income tax act 1961.
Section 80c of the income tax act of india is a clause that points to various expenditures and investments that are exempted from income tax. Section 80c is applicable only for individual taxpayers and hindu undivided families. 1 5 lakh ह द म पढ.