80c Deduction Limit For Ay 2024-24. These include deductions under section 80c for investments in provident funds, life insurance, home loan principal repayment, and others, as well as exemptions for house. Section 80c of the income tax act allows for a deduction of payment of principal component and it is allowed on the basis of actual payment made in the financial year.
A home loan can help you claim an 80c deduction of up to ₹1.5 lakh, a 80ee deduction of ₹50,000, and a 24(b) deduction of ₹2 lakh, making a total taxable value deduction of up. Section 80c of the income tax act allows for a deduction of payment of principal component and it is allowed on the basis of actual payment made in the financial year.
A Home Loan Can Help You Claim An 80C Deduction Of Up To ₹1.5 Lakh, A 80Ee Deduction Of ₹50,000, And A 24(B) Deduction Of ₹2 Lakh, Making A Total Taxable Value Deduction Of Up.
Deduction towards payments made to pension scheme of central government, excluding deduction claimed under 80ccd (1) deduction limit of ₹ 50,000 section 80ccd(2)
Going By The Current Income Tax Slab And Rates, The Deduction Under Section 80C Can Help An Individual Paying Tax At 31.2 Per Cent To Save Tax Of Rs 46,800.
Standard deduction of rs 50,000 from salary and pension income and section 80ccd (2).
1)Revision In Limit Of Deduction Available Under Section 80C Presently As Per Section 80 Cce The Deductions Available Under Section 80C , 80Ccc, And 80 Ccd(1) Put Together.
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This Maximum Limit Of Rs.
Maximum amount of deduction 80d.
B) Increase In The Rebate Limit To Rs.7 Lakh In The ‘New Tax Regime’.
No deduction under sections 80c and 80d are available under the new tax regime.
C)Extend The Benefit Of Standard Deduction To The ‘New Tax.