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section 80C, 80CCC and sub-section (1) of 80CCD shall not exceed one lakh and fifty thousand rupees. 80D Deduction in respect of amount paid towards Health Insurance Premium,
15 lip 2024 · Section 80CCC of the Income Tax Act of 1961 allows for annual deductions of up to Rs.1.5 lakh for contributions made by an individual to designated pension plans provided by life insurance. The deduction is within the combined limit along with deductions under Section 80C and Section 80CCD(1).
Any sum paid by assessee-employer by way of contribution towards a pension scheme, as referred to in section 80CCD, on account of an employee to the extent it does not exceed 14 per cent of the employee's salary in the previous year. Foreign banks/Public financial institutions/State financial corporations/State industrial investment corporations.
10 cze 2024 · Section 80C deduction can be claimed by Individuals and HUFs. Maximum deduction allowed under section 80C?: U p to Rs.150,000 can be claimed as deduction every year from the Gross total income. Companies, partnership firms, and LLPs cannot avail the benefit of this deduction.
14 lis 2024 · Under section 80CCC income tax deduction for the contributions made in specified pension plans can be claimed. The tax deduction can be claimed by individuals (whether resident or non-resident). Maximum permissible deduction under sections 80C, 80CCC, and 80CCD (1) put together is Rs. 1,50,000.
26 lis 2024 · From the Financial year 2014, the maximum deduction under section 80C has increased upto INR 1,50,000. This section brings down your tax liability and even if you come under the highest tax bracket of 30%, you save INR 45,000. It is advised to diversify your savings in different investments for a better Tax Rebate under 80C.
Section 80C is one of the most popular and popular categories for taxpayers as it allows for a reduction in taxable income by making tax savings or incurring reasonable costs. It allows for a maximum deduction of Rs 1.5 lakh annually from taxpayers the amount of revenue. The benefits of this release can be obtained by individuals and HUFs.
