WebApr 6, 2024 · As per experts, if an employee chooses to opt out from the New Tax Regime, he or she can then avail of deductions and tax exemptions under Section 80C like before. New Tax Regime vs Old Tax Regime WebLimit on deductions under sections 80C, 80CCC and 80CCD. ... Section - 80CCA. Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan. Section - 10. Incomes not included in total income. Section - 80CCD. Deduction in respect of contribution to pension scheme of Central Government. Section …

How to Reach Rs 1,50,000 under Section 80C with No Investments…

WebApr 4, 2024 · This deduction is over and above the limit of Rs. 1.5 lakh available under Section 80C. Section 80CCD (2) This section provides tax benefits for the contribution made by an employer to an employee's NPS account. The maximum deduction allowed under this section is 10% of the basic salary plus dearness allowance, if any. WebFeb 6, 2024 · Know how to reduce tax outgo, investment options, eligibility criteria,limits, lock-in-period. Section 80C is the most popular income tax deduction for tax saving. … bob thomas west

Section 80C - Income Tax Deduction Under Section 80C, Limit

WebFeb 15, 2024 · Any individual or HUF can get a tax deduction up to Rs. 1.5 lakh per financial year under Section 80C of the Income Tax Act and its allied sections such as 80CCC and 80CCD. This deduction is not … WebJan 18, 2024 · The account holder's savings account will be credited with the yearly interest. Section 80C of the Income Tax Act of 1961 applies to the investment made under the 5-year TD. Interest rate for 5 year term deposit for this quarter is 7%. A minimum of Rs. 1,000 should be invested, in multiples of Rs. 100. WebApr 4, 2024 · Yes, a taxpayer can claim deductions under both Section 80C and Section 80D of the Income Tax Act. Section 80C allows deductions on investments in tax … bob thompson artist wiki