fox different types of investment what is the maximum permissible amount for section 80c of income tax
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Answer:
The maximum amount of deduction that can be claimed under section 80C is Rs 1.5 lakh for the current financial year. The section offers various investment options to the taxpayer which not only generate returns for him but can also be claimed as deduction while calculating total taxable income.
Majority of people invest in life insurance policies, Public Provident Fund (PPF), equity-linked savings schemes (ELSS) etc. to avail this deduction, but there are several other options, too, which are worth considering. Deduction under section 80C is not only available for investments but also for specified expenditures made by the taxpayer. However, in order to claim the deduction for a particular financial year you need to invest/spend the deductible amount in that financial year itself.