As per the rules, any amount upto Rs. 6000 that a person may be paying as Provident Fund, Insurance Premium etc., is deducted from his net income for calculating Income tax. Fatima's net Income is Rs. 26,500. She pays Rs, 2200 towards Provident Fund.If the rate of income tax is 25% of the amount above Rs. 18000, how much does Fatima have to pay as income tax.
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Rs 1.5 lakh every
Section 80C is one of the most popular and favourite sections amongst the taxpayers as it allows to reduce taxable income by making tax saving investments or incurring eligible expenses. It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayers total income.
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