What are the items covered under 80C?
What are the items covered under 80C?
Six income tax-saving investments under Section 80C
- National Pension System (NPS)
- Equity-Linked Savings Scheme (ELSS) mutual funds.
- PPF.
- National Savings Certificate (NSC)
- Sukanya Samriddhi Yojana (SSY)
- Unit Linked Insurance Plan (ULIP)
- Tax-saving bank or post office FDs.
What is 80C in income tax with example?
The amount you claim under this section is reduced from your gross total income for the purposes of computing income tax. For example, if your gross total income is Rs 10 lakh and you have claimed a deduction of Rs 1.5 lakh under Section 80C, your taxable income becomes Rs 8.5 lakh.
What is 80C limit?
Income Tax Deductions in India
| Sections | Income Tax Deduction for FY 2020-21 (AY 2021-22) | Limit for FY 2020-21 (AY 2021-22) |
|---|---|---|
| Section 80C | Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc | Upto Rs 1,50,000 |
| Section 80CCC | Investment in Pension Funds |
How much can we claim under 80C?
₹ 1.5 lakhs per year
Section 80C provides deductions on various investments upto ₹ 1.5 lakhs per year from your taxable income. 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.
What is the 80C limit for FY 2020 21?
Rs 1,50,000
Income Tax Deductions in India
| Sections | Income Tax Deduction for FY 2020-21 (AY 2021-22) | Limit for FY 2020-21 (AY 2021-22) |
|---|---|---|
| Section 80C | Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc | Upto Rs 1,50,000 |
| Section 80CCC | Investment in Pension Funds |
What is the maximum claim under 80C?
You can claim a maximum deduction of upto ₹ 1.5 lakhs from your total income under Section 80C.
What is the 80C limit for 2021 22?
