Upper Limit for Deduction

Tax Glossary Definition

Upper Limit for Deduction

Upper Limit for Deduction – The upper limit for deduction refers to the maximum amount that can be claimed as a deduction under a specific section of the Income Tax Act. Any eligible investment or expenditure beyond this limit does not reduce taxable income.

Example: Under Section 80C, the maximum deduction allowed is ₹1.5 lakh per financial year.

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