Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > 80C Introduction
80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
|
405 videos|72 docs
|
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.
Related Exams
About this Video
|
Nov 16, 2024 Last updated |
Video Description: 80C Introduction for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for 80C Introduction have been prepared according to the Taxation exam syllabus.
Information about 80C Introduction covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for 80C Introduction.
Introduction of 80C Introduction in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & 80C Introduction in
Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for
Taxation Exam by signing up for free.
Description
Video Lecture & Questions for 80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).
Information about 80C Introduction
Here you can find the meaning of 80C Introduction defined & explained in the simplest way possible.
Besides explaining types of 80C Introduction theory, EduRev gives you an ample number of questions to practice 80C Introduction tests,
examples and also practice Taxation tests.
|
405 videos|72 docs
|
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,past year papers
,practice quizzes
,Semester Notes
,Viva Questions
,Free
,Summary
,Extra Questions
,video lectures
,Previous Year Questions with Solutions
,study material
,Exam
,Objective type Questions
,shortcuts and tricks
,80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Important questions
,MCQs
,80C Introduction Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Sample Paper
,ppt
,mock tests for examination
;
Study 80C Introduction on the App
Students of Taxation can study 80C Introduction alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the 80C Introduction,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of 80C Introduction is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup