Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > 80C Introduction
80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80C Introduction Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is Section 80C in Income Tax Act? |  |
Ans. Section 80C of the Income Tax Act provides tax deductions for certain investments and expenses up to a maximum limit of Rs. 1.5 lakh in a financial year. These deductions can be claimed by individuals and Hindu Undivided Families (HUFs) to reduce their taxable income.
| 2. What are the eligible investments under Section 80C? | |
Ans. Several investments and expenses are eligible for deductions under Section 80C. Some of the commonly availed options include:
- Life insurance premium payments
- Employee Provident Fund (EPF) contributions
- Public Provident Fund (PPF) contributions
- National Savings Certificates (NSC)
- Tax-saving fixed deposits with banks
- Principal repayment of home loan
- Tuition fees paid for children's education
| 3. Is the entire investment amount under Section 80C deductible from taxable income? | |
Ans. No, the deduction under Section 80C is subject to a maximum limit of Rs. 1.5 lakh. This means that even if an individual has invested more than Rs. 1.5 lakh in eligible avenues, the maximum deduction that can be claimed is Rs. 1.5 lakh.
| 4. Can both salaried individuals and self-employed individuals claim deductions under Section 80C? | |
Ans. Yes, both salaried individuals and self-employed individuals can claim deductions under Section 80C. The eligible investments and expenses remain the same for both categories.
| 5. Can NRI (Non-Resident Indian) claim deductions under Section 80C? | |
Ans. No, NRIs are not eligible to claim deductions under Section 80C. This section is applicable only to resident individuals and HUFs. NRIs have their own set of tax provisions and exemptions.
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Nov 16, 2024 Last updated |
Video Description: 80C Introduction for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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