Eligible bills include life insurance top rate, most important repayment of the home mortgage and children's lessons.
Understand all approximately: section 80C
There are numerous tax saving avenues however the maximum popular is the tax benefit Section 80C of the Income Tax Act below which an amount equal to the investment that you make in certain specified instruments or an expense that you incur up to a maximum of Rs 1.5 lakh in a financial year reduces your gross total income by the same amount.
1. An individual or an HUF can reduce as much as Rs 1,50,000 from their overall taxable earnings through section 80C for the financial year 2018-19.
2. Eligible investments consist of contributions to EPF, VPF, PPF, ELSS mutual budget, Sukanya Samriddhi Account, tax saving FDs and post workplace, NPS, NSC, SCSS, NABARD bonds, and a few different options.
3. Every of the eligible investment has its personal investment restrict, price of return, liquidity and tax remedy 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.
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