The maximum amount you can claim as deduction under section 80C of IT act is Rs. 1, 00,000. If you have invested anything less than the limit then you can claim only up to the amount that you paid for these investments. I have invested Rs. 20, 000 in life insurance policy and Rs. 50, 000 in Public provident fund and my employer deducts Rs. 10,000 as contribution to … [Read more...] about FAQ on Income Tax Deduction under Section 80C of IT Act, 1961
Section 80C
All About Section 80C – Income tax Deduction
Section 80C has been inserted with effect from assessment year 2006 – 07 onwards to provide income tax deduction in respect of specified qualifying amounts paid and deposited by the tax payer during the financial year (previous year). Who is eligible for Income Deduction under section 80C IT Deduction under section 80C is available to; An individual or a Hindu … [Read more...] about All About Section 80C – Income tax Deduction