What is the maximum deduction available under Section 80C for the financial year 2022-23?
Practice Questions
1 question
Q1
What is the maximum deduction available under Section 80C for the financial year 2022-23?
Rs. 1,50,000
Rs. 2,00,000
Rs. 50,000
Rs. 1,00,000
The maximum deduction available under Section 80C is Rs. 1,50,000.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the maximum deduction available under Section 80C for the financial year 2022-23?
Solution: The maximum deduction available under Section 80C is Rs. 1,50,000.
Steps: 4
Step 1: Understand what Section 80C is. It is a part of the Income Tax Act in India that allows individuals to claim deductions on certain investments and expenses.
Step 2: Know the financial year in question, which is 2022-23. This is the period for which you are looking for the deduction limit.
Step 3: Find out the maximum deduction limit under Section 80C. For the financial year 2022-23, this limit is Rs. 1,50,000.
Step 4: Remember that this means you can reduce your taxable income by up to Rs. 1,50,000 if you invest in eligible instruments under Section 80C.
