WebFeb 18, 2024 · A maximum deduction of Rs 1.5 lakh is available under section 80C against specified investments and expenses. To claim section 80C deduction, one must invest in … WebA term deposit scheme under the Fixed Deposit & Kamadhenu Deposit streams. Best suited for Salaried Class, Businessmen, Professionals who come under the ambit of Tax Payers. ... In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit ...
Section 80C : Deduction under Section 80C in India
WebMar 19, 2024 · As the name suggests, a tax-saving FD account is a type of FD account that provides a tax deduction under Section 80C of the Income Tax Act of 1961. By investing … WebApr 14, 2024 · To invest in a fixed deposit monthly interest scheme, you must fill out the application, submit all relevant documents, and deposit money into the scheme. ... Tax benefits: The investment amount qualifies for tax deduction under section 80C of the Income Tax Act, 1961. However, the interest is taxable at the investor’s income tax slab rate. top 57197 car insurance
Post office tax saving schemes for section 80C: From
WebSection 80C can be used to receive deductions on a number of investments or expenditures such as PPF, NSC, child education fees, infrastructure bonds, pension funds, tax saver … WebThe list of specified investment products in Section 80C of the Income Tax Act allows for tax savings of up to Rs 1.5 lakh every fiscal year. They include tax-saving fixed deposits (FDs) with ... WebMar 26, 2024 · You can also choose to invest in 5-year fixed deposits to benefit from tax breaks without taking any risks. Any investments up to Rs 1.5 lakh can also be claimed for tax exemption under Section 80C. Park your money in government schemes. Numerous government-mandated schemes offer high returns on total investments along with tax … top 56