Web26 Feb 2024 · Your PF contribution is covered under the Rs 1,50,000 limit of Section 80C, provided it is made to a recognised provident fund. To better understand Section 80C, Read Deduction on section 80C, 80CCC & 80CCD. In your case, the taxable salary would mean total basic salary of Rs 4,80,000. The taxability of SAF/ Gratuity would be based on the ... WebIf by chance, you have paid taxes in excess and have invested in PPF, LIC, and Mediclaim, you can claim deductions under section 80C. Investment options under Section 80C. Here …
Section 80C : Deduction under Section 80C in India
WebThe tax deductions u/s 80CCD are categorised in 3 subsections as mentioned below: Employee Contribution Under Section 80CCD (1): A maximum of up to 10% of salary (for employees) or 20% of gross total income (for self-employed individuals). The limit is capped at Rs.1.5 lakh (aggregate of 80C, 80CCC, and 80CCD). Web22 Sep 2024 · The maximum deduction allowed under Section 80GG is ₹60,000. You cannot claim deduction under both Section 10(13A) and Section 80GG; Just like under Section … easy homemade family recipes
A Guide to Income Tax Deductions Under 80C - Personal Finance, …
Web11 Aug 2024 · Section 80C is a clause in the Act that lists the investments and expenses that are eligible for income tax deductions. The maximum deduction under this section is limited to INR 1.50 lakhs per year. The benefits under this section are available only to individuals and Hindu Undivided Families (HUFs). Web1 Mar 2024 · Section 80CCD (1): Income tax deduction for contributions made by individuals to eligible NPS. The contribution made to eligible NPS account is tax-deductible upto Rs 1.5 lakhs under section 80CCD (1). The deductions shall be restricted to the amount contributed or the below-given percentage, whichever is less. Web7 Jan 2024 · 1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1.5 lakh for education expenses incurred for … easy homemade hawaiian rolls