Section 80C is one of the most commonly known sections of the Income Tax Act. It is used to file income tax exemptions on life insurance, health insurance, investments in pension schemes, education fees, home loans and fixed deposits etc. The maximum deduction under section 80C is 1.5 lacs. The deductions that are eligible for exemption under section 80C are:
If an individual’s source of income is india, then they have to file their Income Tax on the due date irrespective of the residential address of the person. An individual is liable to file for Income Tax Returns if the business that he/she owns or his/her bank account is audited in India. A NRI is eligible for equal amount of tax deductions under section 80C.