ITR Filing: A large number of people are filing their income tax. Many provisions for exemption in income tax have been made by the Government of India. Under Section 80C, you are given a tax exemption of Rs 1.5 lakh in a financial year. Let us know when and how you can get tax exemption through this.
ITR Filing: Income tax filing for the financial year 2023-24 has started. A large number of people have already filed their income tax returns. However, the good thing is that the Government of India has made many provisions for exemption in income tax. Under Section 80C, you are given a tax exemption of Rs 1.5 lakh in a financial year. The benefit of this Act is available to both individual income taxpayers and HUF (Hindu Undivided Families). However, any taxpayer gets the benefit of this exemption only if he files ITR in the old tax regime. Let us know about it in detail.
Section 80C is a popular section under the Income Tax Act. It is commonly used by salaried income tax payers to claim tax deductions for investments and expenses. If you invest in Central Government schemes like PPF, PF, ULIP, ELSS, Life Insurance Premium, Sukanya Samriddhi Yojana, NSC etc. then you get tax exemption from the government. Basically the objective of this section is to encourage people to invest in government schemes by motivating them to save.
Under Section 80CCC of Income Tax, exemption is available on investment in pension plans and mutual funds. Whereas, under section 80CCD (1), you get exemption on investments in government-backed schemes like National Pension System and Atal Pension Yojana etc. Income tax payers investing in NPS get exemption under Section 80 CCD (1B). Apart from this, you can also avail tax relief on repaying the principal amount of the home loan taken in your name.
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