Can I Invest More Than 1.5 Lakhs In 80c?

Is PPF better than LIC?

The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand.

What you should do is invest in the PPF and take a term policy online, which is cheaper and faster.

In the term policy you do not get your money back, but, you are provided with solid insurance..

Is 1.5 lakh per month a good salary in India?

First up, 1 Lakh per month is simply not enough to live a luxurious lifestyle. … First up, 1 Lakh per month is simply not enough to live a luxurious lifestyle. Satisfaction is a whole another ballgame. Simply put, no one is ever completely satisfied with their salary.

How can I save tax if I earn 15 lakh?

A person earning ₹15 lakh will be losing out on at least ₹73,000 in tax benefits as the government removes tax exemptions….But there’s a catch.Exemptions that no longer applyDeduction amountSection 80C investments₹1.5 lakhNPS deduction₹50,000Medical insurance premium₹25,000Standard deduction₹50,0003 more rows•Feb 4, 2020

Can we invest more than 1.5 lakhs in PPF?

The maximum limit of Rs 1.5 lakh implies that you cannot claim deduction on full amount when the sum of your total contribution in PPF account and other schemes allowed under Section 80 is more than Rs 1.5 lakh in a financial year.

How can I save tax if I earn 10 lakhs?

There are possible components for tax deductions which can help you save taxes:Annuity Plans.Child Tuition Fees.Employee National Pensions Scheme (NPS)Equity Linked Savings Scheme Investment.Fixed Deposits.Housing Loan Interest.Interest on Saving Account Deposits.Interest on the loan is taken for Residential House.More items…

Which ELSS is best to invest in 2020?

Top 10 Elss Mutual FundsFund NameCategoryFund Size(in Cr)Mirae Asset Tax Saver FundEquity₹4,270Quant Tax Plan FundEquity₹17BOI AXA Tax Advantage FundEquity₹309Axis Long Term Equity FundEquity₹21,83612 more rows

Are all ELSS tax free?

Better post-tax returns: Except PPF and NPS, ELSS offers better post-tax returns than other 80C investments because long term capital gains of up to Rs. 1 lakh a year from ELSS mutual funds are exempt from income tax and long-term capital gains above Rs. 1 lakh are taxed at 10%.

How can I save tax if I earn 20 lakh?

These deductions include: Section 80C deduction of maximum Rs 1.5 lakh, section 80D deduction for health insurance premiums paid and other deductions for which a taxpayer is eligible, section 80TTA deduction for interest received from a saving account held with bank or post office etc.

What 80c covers in income tax?

Subsections of Section 80CTax saving sectionsEligible investments for tax exemptionsSection 80CInvestments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes, payment made towards the principal sum of a home loan, SSY, NSC, SCSS, etc.4 more rows

Can I invest more than 1.5 lakhs in ELSS?

Tax saving mutual fund schemes or equity linked saving scheme (ELSS) are one of the most preferred options to save tax for most individuals. … Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act.

How much can I invest in 80c?

The maximum amount of deduction that can be claimed under section 80C is Rs 1.5 lakh for the current financial year i.e. FY2018-19. The section offers various investment options to the taxpayer which not only generate returns for him but can also be claimed as deduction while calculating total taxable income.

How much tax do I pay on 10 lakhs?

Income between Rs 7.5 lakh and Rs 10 lakh will be taxed at 15 per cent. Income between Rs 10 lakh and Rs 12.5 lakh will be taxed at 20 per cent. Income earning between Rs 12.5 lakh and Rs 15 lakh will be taxed at 25 per cent. Income above Rs 15 lakh will continue to be taxed at 30 per cent.

Where can I invest 1.5 lakhs?

Scheme nameCategory3-year return (%)Mirae Asset India Equity Fund (G)Multicap12.16ICICI Prudential Bluechip Fund (G)Largecap10.29Principal Emerging Bluechip Fund (G)Large & Midcap14.44L&T Midcap Fund (G)Midcap15.821 more row•Jul 12, 2018

Which is the best 80c investment?

Best Tax Saving Investments Under 80CELSS (Equity Linked Saving Scheme) Lock-In: 3 years. Returns: 15-18% (Based on the last 5 years) … Public Provident Fund (PPF) Lock-In: 15 years. Return: 8% … Bank FDs. Lock-In: 5 Years. Returns: 6-7% … ULIPs. Lock-In: 5 Years (Minimum) Return: 11-13% (Last 5 years)

Can I save tax more than 1.5 lakh?

The most popular avenue for tax-saving is section 80C of the Income Tax Act. Under Section 80C, an amount equal to the investment you make in specified instruments or expenses, up to a maximum of Rs 1.5 lakh in a financial year, reduces your gross total income (GTI) by the same amount.

Can I have 2 PPF accounts?

The PPF rules allow the same individual to open another account in the name of a minor but it does not allow to hold more than one PPF account in one’s own name. While only one PPF account is allowed to be opened in one’s name, there could be a possibility that one ends up holding multiple PPF accounts.

How much I will get in PPF after 15 years?

1,00,000 towards your PPF investment for 15 years at 8.0%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .

Is FD tax free?

The interest earned under an FD is taxable under “income from other sources”. The amount invested under 80C of the Income Tax Act is exempt but interest earned under such investments is taxable. … It means if the interest earned from a company deposit exceeds ₹ 5,000, the investor is liable for a TDS it.