Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Portfolio

Loading...
Select Portfolio and Asset Combination for Display on Market Band
Select Portfolio
Select Asset Class
Show More
Download ET MARKETS APP

Get ET Markets in your own language

DOWNLOAD THE APP NOW

+91

CHOOSE LANGUAGE

ENG

  • ENG - English
  • HIN - हिन्दी
  • GUJ - ગુજરાતી
  • MAR - मराठी
  • BEN - বাংলা
  • KAN - ಕನ್ನಡ
  • ORI - ଓଡିଆ
  • TEL - తెలుగు
  • TAM - தமிழ்
Drag according to your convenience
ET NOW RADIO
ET NOW
TIMES NOW

Understanding how section 80C of the Income Tax Act works

Eligible payments include life insurance premium, principal repayment of the home loan and children's tuition.

ET CONTRIBUTORS|
Mar 11, 2019, 06.30 AM IST
0Comments
Getty Images
tax-3
Each of the eligible investment has its own investment limit, rate of return, liquidity and tax treatment on its returns.
1. An individual or an HUF can reduce up to Rs 1,50,000 from their total taxable income through Section 80C for the financial year 2018-19.

2. Eligible investments include contributions to EPF, VPF, PPF, ELSS mutual funds, Sukanya Samriddhi Account, tax saving FDs and post office, NPS, NSC, SCSS, NABARD bonds, and a few other options.

3. Each of the eligible investment has its own investment limit, rate of return, liquidity and tax treatment on its returns.

4. Eligible payments include life insurance premium, principal repayment of home loan and children's tuition.

5. In order to claim the deduction for this particular financial year, one needs to invest or spend the deductible amount in this financial year itself.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
0Comments

Also Read

2 accounting methods to calculate income tax

Budget 2019: Income tax highlights

Income-Tax Department raids Divi's Lab premises

Investors panic as Income Tax seeks details from unlisted companies

Chidambaram slams income tax department for 'partial' action in Tamil Nadu

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Share Market & More.

Other usefull Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service