Answer Posted / saurav singh
Section 80C. – Section 80C was inserted from assessment year
2006-2007. It provides deductions from gross (total) income
for qualified amounts paid or deposited by the assessee in
the previous year.
Main Provisions.
1.The deduction is available only to an individual or a HUF
from the gross total income,
2.The deduction is allowed irrespective of whether such
amount is paid or deposited by the taxpayer out of his
income chargable to tax,
3.The deduction is available on the basis of specified
qualifying investments/contributions/payments made by the
taxpayer during the previous year,
4.The maximum amount deductible under section 80C is Rs.
1,00,000. Also the total amount of deductions under sections
80C, 80CCC and 80CCD is Rs. 1,00,000.
| Is This Answer Correct ? | 20 Yes | 9 No |
Post New Answer View All Answers
A person somehow gets hold of an extraordinary rare bird, keeps it as a pet for two years and then sells it off. Will related profit be taxable as capital gain?
I am working as account in one of the logistics company for one year. I would like to know about service tax and how can I post necessary entries
how to caluclate the mumbai tax with example? what is mean by credit and debit ?
is there easy guide for the latest India tax & accounting information for 2010?
What is US Tax Accounts? Can I get any information where from I take full knowledge about US Taxation?
What is permanent account number (pan)?
what should be the research and methodology of business taxation?
what is highseas purchase and sales? how is custom duty calculated? what are the criteria for a person dealing in shares comes under tax audit? whether all equity oriented fund are eligble for stt?
is a pvt ltd. comp. can give advance against salary to his director.
Kindly, tell me abount the WCT of U.P. material & labour supply for installment of lift in premises at Noida (U.P.), our lift supplier giving the bill in 90% material & 10% Labour & charged the up vat of 12.5% , Can we liable for WCT deductor ?
Hi,when we pass a clearing entry of paid and unpaid tax how do we show the business area the way the business area can be seen.is there any change that i have to do in the configuration of this GL.my client wants that the business area also reflects when we post the gl.please help.
At present what is the rate of excise duty on sale of Weigh Bridge Machinery to out of state from Karnataka.
What is export under ribet notification number
what is Bank Stock Statement and which companies required bank stock statement, how can we make the bank stock statement
In advance c form dvat why not showing the amount in form verification
