![]() The 10% of salary limit is applicable for salaried individuals and Gross income is applicable for non-salaried. To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS. The contributions can be upto 10% of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. ![]() ![]() The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.Įmployee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS). Sukanya Samriddhi Account Deposit SchemeĬontribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance Company for receiving pension from the fund is considered for tax benefit.SCSS (Post office Senior Citizen Savings Scheme).ELSS Mutual Funds (Equity Linked Saving Schemes).Five year Bank or Post office Tax saving Deposits.The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only.
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