What comes under 80CCC?

Under Section 80CCC of Income Tax Act 1961, an individual can claim tax deduction for contributions made to certain pension funds. The tax benefit is only for payments in the form of premium for any annuity plan of LIC or any other insurer. The maximum deduction that can be claimed under this section is Rs. 1,50,000.

Is 80CCC and 80C same?

The main difference between Section 80C and Section 80CCC of the Income Tax Act of 1961 is that under Section 80C, the amount to be paid may come from income that is not chargeable to tax. While under Section 80CCC the funds must be paid out the income that is chargeable to tax.

What is 80CCC and NPS?

80CCC allows deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt. 80CCD (1) Deduction for NPS.31-Jul-2022

How do I invest in 80CCC?

Fixed Deposits. Fixed deposits come with a 5-year lock-in period, and are eligible for tax deduction under section 80 C.
Life Insurance Premium.
ELSS Mutual Funds.
Public Provident Fund (PPF)
Employees Provident Fund (EPF)
Senior Citizen Savings Scheme.
Sukanya Samriddhi Yojana.
Unit Linked Insurance Plans (ULIP)

Is LIC under 80CCC?

Deduction is allowed if the assessee has paid any amount towards any annuity plan of Life Insurance Corporation of India (LIC) or any other insurer for receiving pension from pension fund.26-Sept-2021

Can we claim both 80C and 80CCC?

Sections 80CCD, 80CCC and 80C The benefits of Section CCD fall under those of 80C, i.e., the deductions claimed u/s 80CCD cannot be claimed again in 80C. The overall limit of deductions under 80C, 80CCC and 80CCD is Rs. 2 lakh, with an additional deduction of Rs. 50,000 allowed u/s 80CCD sub section 1B.

How much can I save under 80CCC?

Rs. 1.5 lakhs per annum

How can I save tax after 1.5 lakhs?

Recommended ways of saving taxes under Sec 80C,80D and 80EE

Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
Buy Medical Insurance, maximum deduction allowed is Rs.
Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.

How can I save tax over 10 lakhs?

How to Save Tax for a Salary Above Rs 10 Lakhs?

Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
Additional Reduction of Up To Rs 50,000 for NPS Investors (Section 80CCD.
Reduce Your Taxable Income by Up To Rs 75,000 (Section 80D)
Reduce Your Taxable Income by Up To Rs 2 lakhs (Section 24)

How can I invest 50000 in NPS?

An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act.

Can I invest more than 50000 in NPS?

First is that you can invest and avail tax benefit of upto Rs 2 lakh in NPS; Rs 1.5 lakh on account of section 80C and another Rs 50,000 over and above the Rs 1.5 lakh limit. It is exclusively available for NPS investment.

Is NPS tax free?

Employees contributing to NPS are eligible for following tax benefits on their own contribution: a) Tax deduction up to 10% of salary (Basic + DA) under section 80 CCD(1) within the overall ceiling of Rs. 1.50 lakh under Sec 80 CCE.

Which 80C is best?

Best Tax Saving Investments Under 80C

ELSS (Equity Linked Saving Scheme) Lock-In: 3 years. Returns: 15-18% (Based on the last 5 years)
Public Provident Fund (PPF) Lock-In: 15 years. Return: 8%
Bank FDs. Lock-In: 5 Years. Returns: 6-7%
ULIPs. Lock-In: 5 Years (Minimum) Return: 11-13% (Last 5 years)

Which is the best tax saving scheme?

Best Tax-Saving Investments Under Section 80C

Does PPF have tax benefit?

Yes, the PPF amount that is received on maturity is tax-free. Under Section 80C of the Income Tax Act, 1961, any investment made towards the PPF account is tax-free.

What comes under 80CCC and 80CCD?

Section 80CCC deals with deductions that can be availed for contributions made towards annuity plans, pension plans eligible under Section 10(23AAB). Section 80CCD only pertains to deductions for the two plans offered by the Government of India, namely the National Pension Scheme (NPS) and Atal Pension Yojana (APY).09-Jul-2021

How can I save tax on my salary?

15 Tips to Save Income Tax on Salary

House Rent Allowance (HRA)
Leave Travel Allowance (LTA)
Employee Contribution to Provident Fund (PF)
Standard Deduction.
Professional Tax.
Exemption of Leave Encashment.
Exemption Under Section 89(1)
Exemption from the Receipt Upon Opting for Voluntary Retirement.

Can I invest more than 1.5 lakh in 80C?

There is no legal restriction on the maximum amount invested in an ELSS, though the deduction under Section 80C is limited to Rs 1.5 lakh only.22-Nov-2021

What is limit for 80D?

`25,000

How can I save my tax without 80C?

Best 10 Tax Saving Investment Options Other Than 80C

Tax saving with NPS under Section 80CCD (1B):
Tax savings on Health insurance premiums under Section 80D:
Tax savings on repayment of an Education loan under Section 80E:
Tax savings on Interest component of Home loan under Section 24:

How do I submit proof for 80D?

There is no proof or documentation needed to avail 80D deductions.17-Feb-2022

What comes under 80CCC?