For ca final students

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The meaning of section 80c

In the Income Tax Act there are many numbers of sections. Section 80c is one of them. The finance act 2005 introduced this section. To encourage pepole's saving and investment, this section is introduced. The most reason behind this introduction is to make a habit of saving and investment in the people of India. Good investment attitude is the backbone of any contary's economy. Thus, our finance minestary needed this section. Income Tax Act has mentioned many financial productes in this section which will bring the benifits to the investers. As an instens life insurence premimum, public provident fund, fixed diposit, national saving certificate, housing lone etc. Deduction Under Section 80c provides comprihansive list of investment option.        The limit of tax deduction which is Rs 100000/- is also provided by this section.