Web11 Feb 2024 · Score: 4.6/5 ( 35 votes ) Section 80C offers deductions of up to Rs. 1.5 lakh on life insurance premiums paid in a particular year. Section 10 (10D) specializes in offering tax deductions on claims, i.e. death and maturity benefit, which includes all forms of accrued bonuses against the respective life insurance policies. WebSection 80C of the Income Tax Act, 1961 is a clause under which various expenditures and investments are exempted from income tax. There are several investments for which one can avail tax benefits under Section 80C. The maximum income tax deduction allowed under this section is ₹1.5 Lakh in a year from the total taxable income of an investor.
Section 80C Deductions - Save up to ₹1.5 Lakhs on Taxes
Web15 Mar 2024 · Open Life Insurance Corporation. Go to the website of LIC. ... Apart from Section 80C tax deductions, you could claim deductions up to INR 25,000 (INR 50,000 for Senior Citizens) buying Mediclaim u/s 80D. You can claim a deduction of INR 50,000 on home loan interest under Section 80EE. Web8 Dec 2024 · The Section 80C provides for deduction for life insurance premium paid, and section 80CCC offers a deduction for the amount deposited in an annuity insurance plan. Under the annuity plan, the pension received, surrender claim, and interest all are taxable in the year of receipt. The total combining 80C and 80CCC deduction cannot exceed Rs 1.5 … aeration control
LIC Deduction In Income Tax (New Update) - instafiling.com
Web10 Apr 2024 · For instance, section 80C allows up to ₹ 1.5 lakhs against investments and expenses. It includes payments like, LIC premium. PPF and EPF contribution. NPS investment. ELSS investment. ULIP investment. Tax-saving FD investment. Approved superannuation fund contribution. Senior citizen saving scheme investment. Sukanya … Web18 Mar 2024 · Section 80C tax benefit on home loan (principal amount) is also available to those paying EMIs. Children tuition fees paid as children school fee also comes under Section 80C. Also Read Web27 Jul 2024 · Section 80C; Section 80C of the Income Tax Act of 1961 defines the benefits of these schemes. ... Under section 10(10D) in the case of a life insurance policy that has been issued after 1.4.2003 but on or before 31.3.2012 and if the premium which is payable in any year exceeds 20% of the actual sum guaranteed, then the policy proceeds would be ... kcia 南山の部長たち 相関図