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Deduction u/s 80C - Deduction in respect of life insurance premia deferred annuity contributions to provident fund etc.

Income Tax - Exemptions and Deductions - 06 - SECTION 80C Sec 80C states that qualifying investments, up to a maximum of ₹ 1.50 Lakh, are deductible from your income. This means that your income gets reduced by this investment amount (up to ₹ 1.50 Lakh) Qualifying Investments: Provident Fund (PF) & Voluntary Provident Fund (VPF): PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer s contribution is exempt from tax, your contr .....

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int worth noting is that interest rate is assured but not fixed. Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have .....

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r home loan consists of two components - Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax - but that would be under Section 24 of the Income Tax Act. Sukanya Samriddhi Account: It is a special deposit scheme launched for girl child. The details are as follows: Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In case of twins this .....

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Per Annum on 10 year NSC. Interest is Compounded Half Yearly. While the minimum investment amount is ₹ 100, there is no maximum amount. Premature withdrawals are permitted only in specific circumstances such as death of the holder. Investments in NSC are eligible for a deduction of up to ₹ 150,000 p.a. under Section 80C. The accrued interest which is deemed to be reinvested qualifies for deduction under Section 80C. However, the interest income is chargeable to tax in the year in wh .....

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t linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments. They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term. Tuition Fees: Any sum paid as tuition fees whether at the time of admission or otherwise to any university/college/educational institutional in India for full time education of any two children of an individual. Notes: In case of an individua .....

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