Income Tax – 8 Deductions Available Under Section 80C Of Income Tax Act 1961
Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land. LIC Premium Paid If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid…