what is the deduction of 80(c)
Answers
In Income Tax Filing, We get some deductions. One of the deduction is 80C -(Investment) Life Insurance Premium, Public Provident Fund, Mediclaim (both for individual and family with conditions). Total Taxable income can be reduce through 80C upto Rs. 1,50,000.
80(C) deduction comes under chapter VI- A deduction.
chapter VI-A deduction will be deducted from gross total income .
80(C) exemption can be claimed not exceeding 150000.
list of 80(c) deduction are
1)life insurance paid
2) children's tuition fees paid
3) contribution to provident fund
4)deposited in post office term deposits
5)Repayment of principal amount of housing loan
6)Invested in National Savings Certificates (NSC)
7)investment in ELSS Mutual Funds (Equity Linked Saving Schemes
Hope its useful..!!