Sqrrl- Tax Benefit Under Section 80C

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All about Mutual Funds Tax benefit Under Section
80C

• If we talk about the deductions in respect of
  payments, Section 80C is one of the most
  important sections. Lets take a look at the
  highlights about the tax benefits under section
  80C-
• Deduction is available only to an individual or
  HUF.
• Maximum permissible deduction is Rs. 150,000.
• The investments and contributions eligible for
  tax benefit under section 80C are listed as
  different clauses under the section.

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Lets take a look at all clauses related
to Mutual Funds in Section 80C

• As stated in Section 80 C subsection (2) clause
  (xi) A contribution or participation made towards
  unit-linked insurance plan of the LIC Mutual Fund
  referred to in clause (23D) of section 10 of
  income tax act is eligible for exemption. This
  states that any contributions made in the name of
  individual, spouse or any child of any individual
  in Unit linked insurance plan of LIC are exempt
  from income tax. This Mutual Funds provides long
  term capital appreciation with tax rebates and
  insurance.
• Under Section 80 C subsection (2) clause (xiii)
  subscription to any units of any Mutual Fund
  referred to in clause (23D) of section 10 of IT
  act. It includes a number of Mutual Fund income
  including- Mutual Fund registered with SEBI, or
  set up by a private bank or a public financial
  institution, authorized by RBI

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Also, Section 80 C subsection (2) clause (xiv) as
a contribution by an individual

• Mutual Fund referred to in clause (23D) of
  section 10. Even if any pension fund is set by
  SEBI, RBI, private banks of public financial
  institution. Then Mutual Funds are eligible
  for tax benefits under section 80C.
• Section 80 C subsection (2) clause (xx) as
  subscription to any units of any Mutual
  Funds referred to in clause (23D) of section 10
  and approved by the Board on the application made
  by such specified Mutual Fund in the prescribed
  form. Also, one of the conditions to be satisfied
  includes the amount of subscription to such units
  to be subscribed by the eligible issue of capital
  of the company. 

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