What are the exemptions under 80 C?
80C allows deduction for investment made in PPF , 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 …
How can I save my tax after 80 C?
Best 10 Tax Saving Investment Options Other Than 80C
- Tax saving with NPS under Section 80CCD (1B):
- Tax savings on Health insurance premiums under Section 80D:
- Tax savings on repayment of an Education loan under Section 80E:
- Tax savings on Interest component of Home loan under Section 24:
What is the total exemption limit of investment U S 80 C?
₹ 1.5 lakhs per annum
In comparison, Section 80CCC provides a deduction of upto ₹ 1.5 lakhs per annum for the contribution made by an individual towards specified pension funds. Section 80CCE thereby limits the total exemption limit upto ₹ 1.5 lakhs per annum.
IS 80 C allowed in new tax regime?
Taxpayers can then be allowed a choice between 80C and a new section i.e. traditional products vs new age investment products. This would offer taxpayers more choice with tax saving and in turn higher liquidity.
Who claims 80C deduction?
Deductions on Investments under sub-sections of Section 80C
| Section | Deduction on | Deductible Limit |
|---|---|---|
| Section 80GGC | Contribution to political parties by individuals | The amount contributed |
| Section RRB | Deductions on income by way of royalty of a patent | The income received or Rs.3 lakh, whichever is less |
Should you opt for 115BAC?
The above table shows that it is beneficial to opt for the New Tax Regime of Section 115BAC if your Income is more than Rs. 8,50,000 with your eligible Deduction under 80C. The selection of New Tax Regime of Section 115BAC is not advisable up to your income Rs.
How do I claim 80CCD 2?
The tax benefit under section 80CCD (2) of the Income-tax Act can be availed only if the employer is willing to contribute to the NPS account of an employee. If the employer is willing, then using this route, investment in NPS account will exceed Rs 2 lakh in financial year.
Who can claim 80CCC deduction?
Any individual taxpayer who has invested in an annuity plan offered by an insurer can claim the deductions under this section. Hindu Unified Families (HUF) cannot claim the benefits of this section. Also, both resident and non-resident individuals can claim the deductions u/s Section 80CCC.