✳flâneur — a map of the web's best reading

Income Tax Deductions List - Deductions on Section 80C, 80CCC, 80CCD and 80D - FY 2023-24 (AY 2024-25)

cleartax.in · 3,358 words · saved by 1 readers

Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. 80C being the most famous, there are other deductions which are beneficial for the taxpayers to reduce their tax liability. Let us understand these deductions in detail: Section 80C is one of the most popular and favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. Sec 80CCC and Sec 80CCD provide deductions for the investments in the pension scheme either by yourself or by way of the employer’s contribution. The maximum deduction under Section 80C, 80CCC and 80CCD(1) put together is Rs 1.5 lakhs. However, you may claim an additional deduction of Rs 50,000 allowed u/s 80CCD(1B) for contributions made to NPS. Thus, the maximum deduction limit is Rs 2 lakhs under Section 80C+80CCC+80CCD(1) + Section 80CCD(1B). Here are so

Section 80C of Income Tax Act - 80C Deduction List 65% OFF Ends Soon Use code: CLAIM65 File Now ITR Filing Is Live! File your ITR in Minutes with 100% Accuracy downloads --> File now Get 60% OFF USE CODE: LAUNCH60 Section 80C of Income Tax Act - 80C Deduction List By CA Mohammed S Chokhawala | Section 80C is one of the most popular tax saving deductions, allowing both individuals and HUFs to claim up to Rs. 1.5 lakh deduction per financial year. It covers a variety of investments and payments such as PPF, ELSS, life insurance premiums, NSC, EPF, Sukanya Samriddhi Yojana and, home loan principa

Explore this link on the map →

related reading