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Sqrrl- Tax Benefit Under Section 80C

Tax benefit under Section 80C allows individuals and HUFs to claim a tax deduction of up to Rs 1,50,000 from their gross total income for certain investments and payments. Tax benefit under section 80 C helps to claim benefits up to 1.5 lakh. Learn more about income tax benefits under section 80C as per the income tax act, 1961. Check here.

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Sqrrl- Tax Benefit Under Section 80C

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  1. SqrrlFintech Best Mutual Fund App

  2. Tax Benefit under Section 80C – Know the Deductions Involved • According to the Finance Act, 2005, Tax benefit Investment is a tax saving option that involves deduction from total income under various segments like payments or investments or expenditures. In this blog, we have covered some of the deductions involved as Tax benefits under Section 80C. • Equity Linked Savings Scheme (ELSS) • ELSS is a popular tax benefit investmentamong investors that is aimed at saving taxes. Investors can earn moderate gains and also take the market advantage from it. ELSS is known to offer a substantial tax benefit under Section 80C.

  3. The provisions under the ELSS scheme are as follows. • The total principal amount (under Rs 1.5 Lakh) invested in ELSS is exempted from taxation. • Long term capital gains tax is not levied for any capital gains less than Rs1 lakh. • Public Provident Funds (PPF) • PPF is another best tax benefit investment, sponsored by Govt. of India. An amount of Rs. 1.5 Lakh (maximum) can be invested in a PPF account in a single financial year, through monthly investments or a lumpsum. • The entire amount is exempted from taxation that makes it one of the best investments for tax benefit under Section 80C.

  4. TAX BENEFIT UNDER SECTION 80C

  5. Senior Citizen Savings Scheme (SCSS) • SCSS is another tax-saving instrument to claim tax benefit under Section 80C. As per this scheme's provisions, Senior citizens can enjoy SCSS tax deduction up to Rs 1.5 Lakh on tax benefit investment. The criteria to be followed are mentioned in the following. • Individuals should be aged 60 years or above. • Individuals who are aged above 55 years and is availing voluntary retirement • Any individual above 50 years of age who are employed in the Indian defense sector.

  6. Tax Saver Fixed Deposit (FD) • With a lock-in maturity period of five years, fixed deposits are eligible for tax benefit under Section 80C. It is a popular investment instrument among risk-averse persons. It assures guaranteed returns at fixed interest rates. • However, any withdrawals made prematurely can nullify tax benefits on such types of investments. Also, Interest that is earned under this scheme is taxable. This also makes it one of the best tax benefit Investment under the Income Tax Act. • SQRRL is known to be one of the best mutual fund apps in India. If you want to make tax benefit investments, download the app now.

  7. Thanks for watching us • For more information visit our online portal: • https://sqrrl.in • Email us on: support@sqrrl.in • Contact us on: 7840877775

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