What is the maximum limit of deduction under Section 80C for the financial year
Practice Questions
Q1
What is the maximum limit of deduction under Section 80C for the financial year 2022-23?
Rs. 1 lakh
Rs. 1.5 lakh
Rs. 2 lakh
Rs. 50,000
Questions & Step-by-Step Solutions
What is the maximum limit of deduction 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 taxpayers to claim deductions on certain investments and expenses.
Step 2: Know the financial year in question. The financial year 2022-23 runs from April 1, 2022, to March 31, 2023.
Step 3: Identify the maximum limit for deductions under Section 80C. For the financial year 2022-23, this limit is set at Rs. 1.5 lakh.
Step 4: Remember that this means you can deduct up to Rs. 1.5 lakh from your taxable income if you invest in eligible instruments under Section 80C.
