Guidelines

How do I claim my ELSS 80C deduction?

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How do I claim my ELSS 80C deduction?

If you are investing in an equity-linked savings scheme (ELSS) to claim the tax benefit under section 80C of the Income-tax Act, 1961, then do make sure that you have invested marginally more than the specified limit of Rs 1.5 lakh in a financial year.

How do I submit proof to ELSS?

If you have invested in an ELSS fund through an advisor or mutual fund distributor, you can contact them for your investment proof. After receiving your request, the advisor/distributor will then inform the same to the fund house, which will then send you the account statement to the registered address through post.

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Can we show ELSS in 80C?

ELSS mutual funds are the only class of mutual funds that are covered under Section 80C of the Income Tax Act, 1961. By investing in an ELSS, you are entitled to claim a tax rebate of up to Rs 1,50,000 a year.

How can I claim 80C in mutual fund?

Taxpayers can claim the deductions under Section 80C of the IT Act when they file their income tax returns for a particular year. All supporting documents and relevant forms must be filled out and all information provided should be accurate and up-to-date.

How do I claim deductions if not accounted by employer?

You can claim all the deductions/ exemptions under section 80C,80D while filing of Income Tax Return for the relevant financial year….Claiming HRA not accounted by employer

  1. Calculation of HRA.
  2. Filling the Salary Details in ITR with modifications for HRA.
  3. Checking if Refund is due or not.

Should I exit ELSS after 3 years?

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You always have the option of investing in Public Provident Funds or Fixed Deposits if you want to reduce your taxable income. An ELSS investment has a lock-in period of just 3 years, which means that you can withdraw your funds from the scheme after the three year term of your investment is completed.

Which mutual funds are covered under 80C?

The Tax deduction under this scheme is available for Provident Fund (PF) & Voluntary Provident Fund, Public Provident Fund (PPF), Life Insurance Premiums, Equity Linked Saving Scheme (ELSS) of Mutual Funds.

Can taxpayer invest in ELSS Fund for Section 80C deduction?

Taxpayer can make various other investments to avail deductions in the Section 80C of the IT Act. But, the taxpayer can also invest just in the ELSS fund and avail the benefits. Maximum amount that is allowed for deduction in the Section 80C of the IT Act is Rs.1.5 lakh in a year.

Can I claim tax deductions under Section 80C?

Tax deductions under Section 80C can be only claimed during a financial year, i.e. if an individual invests in an ELSS Fund in July 2015, deductions can be claimed for the financial year 2015-16. You can declare the investment at the beginning of a financial year itself or you can declare it at the end of the financial year.

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Which FDs are eligible for Section 80C deduction?

Tax Saver Fixed Deposits (FDs) also come under Section 80C deduction. Any deposit that you make with a bank for a period of 5 years is eligible for tax deductions, up to the specified limit stated under Section 80C of Income Tax Act, 1961. 7. National Pension Scheme (NPS)

How to claim tax benefits on mutual funds (ELSS)?

How to Claim Tax Benefits on Mutual Funds (ELSS) ELSS funds qualify for tax exemptions under Section 80C of the Income Tax Act. Deductions of up to Rs.1.5 lakh can be availed on the amount invested on ELSS funds. Supporting documents have to be provided by the policyholder to claim deductions.