It's a provision in
the Indian Income Tax Act that allows an individual to claim a
deduction of up to Rs. 1.5 lakh from their taxable income. This
deduction is available to individuals who make certain types of
investments or expenses, such as:
1. Life insurance premium payments
2. Contributions to Employee Provident Fund (EPF) and Public
Provident Fund (PPF)
3. Investments in National Savings Certificates (NSC)
4. Equity Linked Savings Scheme (ELSS) mutual fund investments
5. Repayment of home loan principal
6. Tuition fees paid for children's education
It is important to note that the total deduction available under
Section 80C, 80CCC and 80CCD(1) cannot exceed Rs. 1.5 lakh in a
financial year.
Advisory:
Information relates to the law prevailing in the year of publication/ as
indicated. Viewers are advised
to ascertain the correct position/prevailing law before relying upon any document.
Disclaimer:
The above calculator is only to enable public to have a quick and an easy access to basic tax
calculation and does not purport to give correct tax calculation in all circumstances. It is advised
that for filing of returns the exact calculation may be made as per the provisions contained in the
relevant Acts, Rules etc.
