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7.2%First documentSection 80C of Income Tax Act: Deductions & Tax Benefits in IndiaOpen original ↗
Second documentHow Can You Save Tax with a Guaranteed Savings Plan?Open original ↗
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Tax Savings - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Savings and Investment Plans from Canara HSBC Life Insurance
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Fixed Returns, Zero Risks & Worries
4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover
Fixed Returns, Zero Risks & Worries
4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover
Section 80C: Meaning & Deductions under Section 80C
Section 80C of the Income Tax Act allows individuals to claim deductions of up to ₹1.5 lakh annually on investments.
How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.
Key Takeaways
Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh per financial year on eligible investments and expenses. The deduction limit under Section 80C includes contributions to EPF, PPF, life insurance premiums, and children's tuition fees.
How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.
Glossary
Section 80C: Allows deductions up to ₹1.5 lakh annually on certain investments and expenses. 80CCD(1B): Extra ₹50,000 deduction for NPS contributions beyond the 80C limit.
How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.
Section 80C: Meaning & Deductions under Section 80C
Section 80C of the Income Tax Act is a section that includes various expenditures and investments to be exempted from Income Tax. Section 80C allows a maximum deduction up to ₹1.5 lakhs per year from an investor’s total taxable income.
How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.
What is Section 80C?
Section 80C allows deductions on certain investments up to ₹1.5 lakhs per annum from your total taxable income. This section is especially popular among taxpayers as it allows for deductions from gross total income. You can invest your savings in the Section 80C eligible options or spend money on eligible expenses to avail of the deductions. The deduction under Section 80C will reduce your gross total income or taxable income. Thus, you can save tax every year based on the investments and expenses in this section.
How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.