GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deduction under section 80C shall be allowed for :
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Any education fee
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Tution fee and annual charges
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Tution fee exclusive of any payment towards any development fee or donation or payment ofsimilar nature
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None of these
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Explanation:
Detailed explanation-1: -Limit: The maximum deduction permitted under Section 80C is Rs 1.5 lakh per financial year, with deductions eligible only for two children per assessee. If both parents are taxpayers, then they can claim deductions for 4 children.
Detailed explanation-2: -It allows for a maximum deduction of up to Rs. 1.5 lakh every year from an investor’s total taxable income. Section 80C of Income Tax Act is applicable only for individual taxpayers and Hindu Undivided Families.
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