Web22 Sep 2024 · The primary tax benefit of NSC is under Section 80C of the Income Tax Act. This allows investors to claim tax deduction of up to ₹1.5 lakh in a financial year offered u/s 80C. However, this ₹1.5 lakh limit of tax saving investment includes other options such as PPF, EPF, ELSS Mutual Funds along with life insurance premium payments.
Section 80C Deductions as per Income Tax Act, 1961
Web19 Feb 2024 · This will also help you almost completely exhaust your deduction limit of ₹ 25,000 available under Section 80D for premiums paid for a ... Life insurance. ... 1.5 lakh available under Section 80C. Web1 day ago · In the OTR, if they claim the maximum of all the five deductions (aggregating to Rs 4.75 lakh), under the heads of interest payment on home loan (Rs 2 lakh); EPF/ PPF/ life insurance/ ELSS etc. under Section 80C (Rs 1.5 lakh); NPS under Section 80CCD (Rs 50,000); health Insurance for self (Rs 25,000) and health insurance for parents (Rs 50,000 ... regles backgammon
Whether to opt for the Old Tax Regime or the New Tax Regime
WebTerm insurance is one of the simplest forms of life insurance. Term plan offers a sufficiently large amount to your family at the time of death of policyholder. ... Tax savings up to Rs. 1.5 lakh on the premium paid under section 80C on Income Tax, as per prevailing tax laws; Tax benefit on the lumpsum benefit paid to your dependents under ... Web7 Oct 2024 · Updated: 07 Oct 2024, 06:06 PM IST Livemint. Life insurance policies offer not only a maturity/death benefit but also tax deductions under Section 80C and Section 10 (10D) of the Income Tax Act ... Web9 Apr 2024 · GST of 18 per cent is charged on the premium paid for health insurance, as per the prevailing regulations. Tax benefit can be claimed under section 80D of the Income Tax Act for the payment made for health insurance policies. For instance, if you purchase a health insurance policy with a sum insured of Rs 10 lakh at the age of 30 years from ... procella works