HR Terminology

Section 80C

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  7. Section 80C Tax Deduction Explained

FAQ

Eligible investments include PPF, EPF, NSC, National Pension Scheme (NPS), life insurance premiums, tuition fees, and principal repayment on home loans. These are designed to help you save while earning tax benefits.

Yes! You can make multiple investments under Section 80C, and the total amount you can claim as a deduction is up to Rs. 1.5 lakh. Whether it’s PPF, ELSS (Equity-Linked Savings Scheme), or life insurance premiums, all of these count toward your limit.

If you exceed the Rs. 1.5 lakh limit in a financial year, the excess amount will not be eligible for tax deduction under Section 80C. However, you can still enjoy the benefits of other sections like 80D, 80E, etc., to further reduce your tax liability.

Yes, both salaried individuals and self-employed taxpayers can benefit from the deductions under Section 80C. This versatile section encourages savings and long-term financial planning for everyone.

Yes, contributions to both your Employees' Provident Fund (EPF) and Public Provident Fund (PPF) are eligible for tax deductions under Section 80C, subject to the Rs. 1.5 lakh cap.

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