Section 80C to 80U provide tax deductions. 80C allows Rs. 1.5 lakh deduction for PPF, ELSS, LIC, tuition fees, etc.
Income tax deductions reduce your taxable income. Section 80C is the most popular - investments in PPF, EPF, ELSS mutual funds, life insurance premiums, and children's tuition fees qualify. Section 80D covers health insurance premiums. Section 80E covers education loan interest. Section 80G covers donations.Income Tax Deductions You Should Know
Taxation Law
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Key Points
- 80C: Rs. 1.5 lakh limit
- 80D: Health insurance deduction
- 80E: Education loan interest
- Plan investments before March 31
Real-Life Examples
- Invest Rs. 50,000 in PPF + Rs. 1 lakh in ELSS = Rs. 1.5 lakh deduction
- Health insurance premium of Rs. 25,000 fully deductible
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