Tuesday, September 23, 2014

Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16

Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16

Common Questions Asked on Section 80C

  • Income tax returns- deductions under section 80C income tax act 1961
  • Is tuition fee paid -for self education- exempt from tax section 80C income tax act 1961
  • What is the limit of Section 80C under Income Tax India for financial year 2014-15
  • What is the income tax relaxation limit for saving under section 80C..?
  • What is limit for tuition fees under section 80c of income tax act?
  • Criteria of lock in period in insurance products to get tax exemption under section 80c of Income Tax?


Important Points to note 
As per Union Budget for financial year 2014-15 assessment year 2015-14, Tax exemption limit under 80C raised to Rs 1.5 lakh Previously the limit was 1 lakhs and currently it has been increased to Rs.50,000 more. So Individuals get directly benefited of exemption on Rs.1,50,000.

What all will be part of Section 80C  which should not exceed beyond 1.5 Lakhs.

  • PF (Deduction from Salary)
  • Housing Loan (Principal)
  • Mutual Fund
  • Public Provident Fund
  • National Savings Certificate
  • Unit Linked Insurance Plan
  • Equity Linked Savings Scheme
  • Life Insurance Policy
  • Mutual Fund Pension
  • Education Tuition Fees
  • Infrastructure Bond
  • Scheduled Bank FDS (5 yr lock)
  • Senior Citizens Savings Scheme
  • Post Office Time Deposit
  • NPS Employee Contribution


Some other Common Questions Related to Section 80C.
Prerequisites to employees under section 80C, 80D , 80 E of Income Tax act in india?
What is the income tax relaxation limit for saving under section 80C..?
Tell me about the deductions under 80c relating to education allowance.?
Whats upper limit for tuition fee deduction (u/s 80C)for children under Indian Income Tax rules?
Deduction of tuition fees vis a vis education allowance?
Interest on NSC - deduction under 80C??
Education loan repayment of principle amount comes under 80C like Home loan?
Whether online MBA qualifies for tax deduction under education expenses?
Whether interest accrued on National Saving Certificate qualifies for deduction under section 80C ?
Stamp duty and registration charges under section 80C income tax act 1961

1 comment:

  1. General insurance policy can be personal insurance policy for health, accident, liability like motor third party, employment threat, threat against property, damage by fire and other mishaps.insurance news

    ReplyDelete