GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Deduction under section 80CCC is allowed to the extent of :
|
|
Rs. 1,00,000
|
|
|
Rs. 3,00,000
|
|
|
Rs. 5,00,000
|
|
|
Rs. 7,00,000
|
Explanation:
Detailed explanation-1: -Section 80CCC of the Income Tax Act of 1961 allows for annual deductions of up to Rs. 1.5 lakh for contributions made by an individual to designated pension plans provided by life insurance. The deduction is limited by Section 80C.
Detailed explanation-2: -The maximum deduction that the individual can claim under Section 80CCC is Rs. 1, 50, 000.
Detailed explanation-3: -Section 80C provides deductions on various investments up to ₹ 1.5 lakh per year from your taxable income. In comparison, Section 80CCC provides a deduction of up to ₹ 1.5 lakh per annum for the contribution made by an individual towards specified pension funds.
There is 1 question to complete.