I recently entered into the tax paying club and I was curious to know what is Section 80C. While going through my tax sheets and IT proof submission form from my company I figured what it was. Of course, I did some research beyond that too. Here is all that I know about Section 80C of Income Tax Act.
What is Section 80C of Income Tax Act?
Section 80c is a provision in the old Income Tax regime that allows taxpayers to reduce their taxable income. Under section 80C of Income Tax Act, a taxpayer like me can avail maximum deduction of Rs. 1.5 lakh annually.
The taxpayers ( Individuals and HUFs) can claim deduction under Section 80C. Companies, partnership firms, LLPs cannot get the benefits under this section.
What are the eligible investments under Section 80C which can be used for tax deductions?
You have so far known what is section 80C. Now look at the eligible investments in this section.
Investment made in PPF
Investment made in EPF
LIC premium
Equity linked saving scheme
Principal amount payment towards home loan
Stamp duty and registration charges for purchase of property
Sukanya smriddhi yojana (SSY)
National saving certificate (NSC)
Senior citizen savings scheme (SCSS)
ULIP
Tax saving FD for 5 years
Infrastructure bonds, etc.
I hope this information helps you know in detail about what is Section 80C of Income Tax Act.
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Authors Of The Question
What is Section 80C of Income Tax Act?
Sonia
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2 Year
2022-02-22T15:12:58+00:00 2022-02-22T16:28:17+00:00Comment
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