WebJan 7, 2024 · 1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1.5 lakh for education expenses incurred for one’s children. 2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children in a family. WebJan 31, 2024 · 1. ELSS (Equity Linked Saving Scheme) Lock-In: 3 years. Returns: 15-18% (Based on the last 5 years) ELSS has emerged as one of the most popular avenues of investment for tax purposes under section 80C due to the impressive returns. So a tax rebate in addition to good returns seems a good deal to investors.
Save Tax on Additional 50,000 Income Under Section 80CCD
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Section 80 C - Best Tax Saving Investment option under …
WebWhile Section 80C offers tax deduction up to Rs 1.5 lakh per year, Section 80D offers tax benefits up to Rs 1 lakh. Moreover, Section 80C incorporates investments made in an extensive range of financial instruments, such as small savings schemes, mutual funds, life insurance premiums, etc., whereas Section 80D is meant entirely for deductions ... 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 … What is the tuition fee under 80C? A taxpayer can claim a maximum … Budget 2024 Update. Budget 2024 has amended Sec 44AD and Sec 44ADA to … The best part is that it is over and above the deductions claimed under Section 80C. … Each co-owner can claim a deduction of maximum Rs 1.5 lakh towards repayment … WebAug 22, 2024 · Investment in bank RD is not eligible for tax exemption under Section 80C of the Income Tax, 1961. Therefore, one cannot claim a tax deduction for investment in any of the bank recurring deposits. However, post office term deposit of 5 years is eligible for tax deduction under Section 80C of the Income Tax Act, 1961. can fan 12 ho