What is the maximum amount of deduction available under Section 80C for the fina
Practice Questions
Q1
What is the maximum amount of deduction available under Section 80C for the financial year 2022-23?
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
Rs. 50,000
Questions & Step-by-Step Solutions
What is the maximum amount of 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 taxpayers to claim deductions on certain investments and expenses.
Step 2: Know the financial year in question. The financial year 2022-23 refers to the period from April 1, 2022, to March 31, 2023.
Step 3: Identify the maximum deduction limit under Section 80C. For the financial year 2022-23, this limit is set by the government.
Step 4: Confirm the maximum deduction amount. The maximum deduction available under Section 80C for the financial year 2022-23 is Rs. 1,50,000.
