INCOME TAX (SECTION 80C & 80U DEDUCTION)

Section 80C Deduction - Income Tax Act
Section 80C is a facility available in the Income Tax Act which provides deductions of up to Rs.1.5 lakhs for various expenditures and investments including life insurance and mutual funds. Section 80C deduction is one of the most popular income tax deductions among taxpayers in India. Tax exemptions under Section 80C can only be obtained by individual taxpayers and Hindu Undivided Families. Otherwise, Corporate bodies, partnership firms, and other businesses are not eligible. In this article, we look at some of the popular avenues of deduction available under Section 80C.

Section 80U - Tax Deduction for Persons with Disabilities
In India, the Income Tax Act incorporates provisions designed to regulate taxation and promote social welfare. Section 80U of the Income Tax Act is a testament to this dual purpose by offering significant tax deductions to individuals with disabilities. This section aims to alleviate financial burdens while encouraging the economic participation of disabled individuals within society. Under Section 80U, eligible taxpayers can reduce their taxable income by a specified amount based on the severity of their disability.