Question: What is the maximum deduction available under Section 80C for the financial year 2022-23?
Options:
Rs. 1,50,000
Rs. 2,00,000
Rs. 50,000
Rs. 1,00,000
Correct Answer: Rs. 1,50,000
Solution:
The maximum deduction available under Section 80C is Rs. 1,50,000.
What is the maximum deduction available under Section 80C for the financial year
Practice Questions
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
Questions & Step-by-Step Solutions
What is the maximum deduction available under Section 80C for the financial year 2022-23?
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.
No concepts available.
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