2020-02-28 23:04 Broadly, there are four reasons for investing in ELSS. Firstly, it offers you tax benefits under Section 80C of the Income Tax Act, up to a maximum limit of Rs 1. 50 lakh.
How can the answer be improved? under section 80c limit
Subsections of Section 80E: Section 80EE: Only individual taxpayers are eligible for deductions under Section 80EE, with the interest repayment of a loan taken by them to buy a residential property qualifying for deductions. The maximum deduction permitted under this section is Rs 3 lakhs.
It must be noted that combined maximum limit for section 80C, 80CCC and sec 80CCD (1) deduction is Rs 1, 50, 000. For self contribution, deduction for NPS section 80CCD under a new section (1B) for an additional deduction of up to Rs 50, 000 can be made for the amount deposited by under section 80c limit
SECTION 80C Maximum Deduction Rs 1, 50, 000. Under section 80C deduction of Rs 1, 50, 000 can be claimed from your total income. While computing tax, you can reduce up to Rs 1, 50, 000 from your total taxable income through section 80C. This maximum limit of Rs. 1, 50, 000 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD (1). After all, it had not only increased the investment limit under Section 80C, after a decade, but also raised the personal income tax exemption limit from Rs 2 lakh to Rs 2. 5 lakh. Deduction Under Section 80C in the financial year Budget has not removed the burden of much tax from the common people. It has proved rather a boon for senior citizens. Latest Income Tax Slab Rates For FY. Tax payer can only take maximum rs 150, 000 Deduction Under Section 80C. under section 80c limit Income Tax Rebate 80C. There are many investments which qualify for deduction under Section 80C of the Act. Also, there are expenditures which come under Section 80C. The overall limit under Section 80C is capped at Rs. 1. 5 Lakh. The limit has been increased from 1 Lakh to 1. 5 Lakhs in FY budget. Budget 2019 personal tax: Government could raise limit of deduction under Section 80C Raising the basic exemption limit is on the top list of expectations, but raising the 80C deduction limit is also widely expected in the Budget.
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