GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For claiming Deduction u/s 80C, the payment or deposit should be made:
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Out of any income
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Out of any income chargeable to income tax
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During the current year out of any source
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None of these
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Explanation:
Detailed explanation-1: -The return earned from Employee Provident Fund (EPF), including the interest, is eligible for tax exemption under Section 80C of the Income Tax Act, 1961.
Detailed explanation-2: -What is EPF? Does this come under Sec 80C? An employee’s contribution to the Employee Provident Fund (EPF) account also earns a tax break under Section 80C of up to Rs 1.5 lakh. This amounts to 12% of salary that is deducted by an employer and deposited in the EPF or other recognised provident funds.
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