Navigation Through Section 80C Tax Deductions

Category: Finance

We all are aware of the popularity of section 80C under the Income-tax Act. For those who are not aware of it, here is a short introduction for you. When a person receives income, it may be in the form of Salary, business income or any other income which is more than INR 2.5 lacs in a year, he becomes liable to pay tax on such excess amount. Now, we wish to save our hard-earned money and find ways to reduce our tax burden. How do we do this? Section 80C is one such place among others where you get the option to invest your money so that the same is not taxable. Taxpayers across generations and income tax slabs claim to save their tax liability under this section. It gives you a choice to reduce your taxable income by INR 1.5 lakh in a year.