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Home India Budget 2020, Know All About Income Tax Benefits

Budget 2020, Know All About Income Tax Benefits

Have you completely used the annual tax cut accessible under Section 80C of the Income Tax Act? If not, it might be an extraordinary time to sift through your speculations and control your personal expense outgo. Numerous riches organizers accentuate on the significance of personal tax breaks accessible under Section 80C, regularly viewed as one of the most famous roads to set aside cash among salaried assessees. Consistently, from riches organizers to sanctioned bookkeepers to financial analysts and the basic man, all excitedly anticipate any expense proposition in the Budget discourse. With just barely any days left before Finance Minister Nirmala Sitharaman presents the Union Budget for 2019-20 in Parliament, an intensive comprehension of existing standards material to 80C conclusions can assist you with arranging your duty sparing interests ahead of time.

How much income tax can one save under Section 80C of the Income Tax Act?
Currently, Section 80C provides for deduction of up to Rs 1.5 lakh in taxable personal income in a financial year under certain conditions.

Which investments are eligible for income tax benefits under Section 80C?
Premium paid towards subscription or renewal of a life insurance policy
Unit Linked Insurance Plans (ULIPs)
Infrastructure bonds
Tax-saving mutual funds or Equity-Linked Saving Scheme (three-year maturity)
Provident fund (Employees’ Provident Fund/Public Provident Fund
Payment of stamp duty on purchase of house property
Payment of principal amount of a home loan
National Savings Certificate (NSC)
Tax-saving fixed deposit (five-year maturity)
Small savings schemes such as Senior Citizen Savings Scheme and Sukanya Samriddhi
Payment of tuition fees (paid to a university, college or school) for up to two children

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