Deduction under Section 80C

Tax Glossary Definition

Deduction under Section 80C

Deduction – A deduction is a specific amount that the Income Tax Act permits a taxpayer to subtract from their gross total income in order to arrive at the taxable income. Deductions are intended to encourage certain financial behaviors, such as savings, investments, health and education spending, or insurance coverage, thereby lowering the overall tax liability.

Example: An individual can claim a deduction of up to ₹1.5 lakh under Section 80C for qualifying investments or payments, including life insurance premiums, contributions to the Public Provident Fund (PPF), or repayment of the principal portion of a home loan.

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