Income Tax Rebate

Income Tax Rebate The various opportunities for gaining rebates are now curtailed. Under Section 80L interest and dividend income up to Rs 7,000 is exempted from income. Under Section 80 investments in approved schemes like the NSS, NSC, Public Provident Fund, LIC Schemes, etc. will qualify for a 20% rebate on the gross tax up to a savings limit of Rs 60,000. Sections 80CC, 80CCA, and 80CCB have been abolished. Equity – linked savings schemes up to an investment of Rs 10,000 are included in the overall limit of Rs 60,000.

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