Section 80C News

Tax-Saving Investments Under Section 80C: It is important to note that the Section 80C of the Income Tax Act, of 1961, is one of the most popular and widely used sections for tax-saving purposes in India. 

Union Finance Minister Nirmala Sitharaman on Monday spoke on Union Budget 2021 with Zee Media. Addressing reporters after presenting the budget, Nirmala Sitharaman said that due to what we saw last year, the health sector has been given a big space in the budget 2021-22. The objectives include the establishment more laboratories, National Institutes for the medical field.

Union Finance Minister Nirmala Sitharaman on Monday spoke on Union Budget 2021 with Zee Media.

Finance Minister Nirmala Sitharaman on Saturday (February 1) tabled General Budget 2020-21. 

Mutual fund houses offer ELSS which qualifies as tax saving instrument under section 80C of Income Tax Act.

You can claim a maximum cumulative amount of Rs 1.5 lakh under Section 80C.

Under Section 80G, tax exemptions can be claimed by everyone, irrespective of the taxpayer being an individual, company, or a partnership firm.

The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum and the tax liability will only be Rs 2,500 for people with income between Rs 3 to Rs 3.5 lakhs.    

It would encourage long-term savings and help incremental flows come into life insurance sector, LIC said in a pre-budget memorandum submitted to Finance Ministry last week.