What Is The Maximum Limit For 80c?

Can I save tax more than 1.5 lakh?

The most popular avenue for tax-saving is section 80C of the Income Tax Act.

Under Section 80C, an amount equal to the investment you make in specified instruments or expenses, up to a maximum of Rs 1.5 lakh in a financial year, reduces your gross total income (GTI) by the same amount..

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Can I invest more than 1.5 lakhs in 80c?

Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act.

What is 80c exemption?

Section 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction of up to Rs. 1.5 lakh every year from an investor’s total taxable income.

Is 80c limit increased?

So, we expect that in the Budget 2020 the limit of Section 80C will get hiked from Rs 1.5 lakh to Rs 2.5 lakh. … Thus, if the threshold limit of Section 80C is increased by the FM in the Budget 2020, this will not only boost investments, but also provide a majority of taxpayers the much-needed relief.

What is the maximum limit of Sec 80c for female?

Rs. 1,50,000No, a taxpayer cannot do that. The limit of Rs. 1,50,000 means that after taking into consideration all the investments made in all approved instruments under Section 80C, the maximum benefit that can be claimed is Rs. 1,50,000.

Can we claim parents LIC in 80c?

LIC Life Insurance Premium Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included.

Is 80ttb part of 80c?

Ans. Yes, it is over and above the limit of Rs 1.5 lakhs u/s 80C. From the FY 2020-21 the benefit under section 80TTB will only be available under the old tax regime and taxpayers opting for new tax regime cannot claim this benefit while filing ITR.

What is the 80c limit for 2019 20?

First you can claim standard deduction of Rs 50,000 for FY 2019-20. You can invest Rs 1.5 lakh under section 80C in any of the eligible tax saving avenues.

Is PF part of 1.5 lakh investment?

Employees Provident Fund (EPF) and Public Provident Fund (PPF) along with other investments like life insurance premiums, ELSS, tuition fees of children, NSC, home loan principal, tax saving FDs etc all put together can get a deduction of only up to ₹1.5 lakh in the current financial year.

How can I save my tax after 80c?

In this article, let’s take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver.Section 80CCD: National Pension Scheme. … Section 80D: Payment of health insurance premium. … Section 80E: Repayment of an education loan. … Section 24: Interest payment of a home loan.More items…•

What if I invest more than 1.5 lakhs in PPF?

The maximum limit of Rs 1.5 lakh implies that you cannot claim deduction on full amount when the sum of your total contribution in PPF account and other schemes allowed under Section 80 is more than Rs 1.5 lakh in a financial year.

What is the tax slab for 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 5,00,001 to Rs. 7,50,00020%10%Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%3 more rows

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

What is the limit of 80c?

Rs 1.5 lakhsAccording to the section 80CCE, the maximum aggregate deduction that can be claimed under section 80C, section 80CCC and section 80CCD (1) cannot exceed more than Rs 1.5 lakhs. This section allows deduction from gross total income for contributions made to pension schemes of the Central Government.