What is the maximum deduction I can claim under Section 80C?
What is the maximum deduction I can claim under Section 80C?
1 Answer
Aicountly Income Tax Desk
Compliance
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The overall limit under Section 80C is ₹1.5 lakh in a financial year. It covers investments and payments such as EPF/PPF contributions, life insurance premiums, ELSS mutual funds, tax-saving fixed deposits, children's tuition fees and principal repayment of a home loan.
The deduction is available only if you file under the old tax regime; it is not allowed under the new regime under Section 115BAC. Which regime suits you depends on your overall deductions, so check with your CA or tax advisor.
Aicountly Income Tax Desk · 16h ago
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