Is PF part of 1.5 lakh investment?
Employees Provident Fund (EPF) and Public Provident Fund (PPF) along with other investments like life insurance premiums, ELSS, tuition fees of children, NSC, home loan principal, tax saving FDs etc all put together can get a deduction of only up to ₹1.5 lakh in the current financial year..
Can I invest more than 1.5 lakhs in 80c?
Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act.
What is the 80c limit for 2020 21?
The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.
What are all comes under 80c?
What are the investments under 80C? PPF, NSC, NPS, Tax saver FDs, Post Office Term Deposit, ELSS, ULIP, Senior Citizens Savings Scheme, Sukanya Samridhi Account.
Is EPF tax exempt?
For salaried individuals, monthly contribution towards the Employee’s Provident Fund (EPF) is a mandatory savings mechanism. Not only is the contribution eligible for tax benefits under Section 80C but both the interest earned and money received on super annuation are also tax-free.