Paragraph match score 81.3%
Page A-960
Income Tax Investments Under Section 80C
For those wondering what is Section 80C-, it is a provision under the Income Tax Act 1961 that allows a tax deduction of up to ₹ 1.5 lakh on eligible investments.
Page A-962
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.