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Ref. No. KLI/22-23/E-BB/492
The fundamental difference between Income Tax Section 80C and Section 80CCC is that under Section 80C, the sum to be paid may come from the income that isn't chargeable under tax.
Section 80CCC of the Income Tax Act is a tax-benefit for individuals with taxable incomes - especially the ones that have an income that falls under the higher tax slab and they avail deductions that help them reduce their taxable income. It came into effect from the 1st April 1997.
However, before seeking the deductions under various heads and sub-heads, the earning professionals should briefly understand the difference between Section 80C and 80CCC of Income Tax. Eligible individuals can avail various deductions and limits under these two sections of the IT Act and use the benefits associated with them depending on the kind of investments and expenditures they have. As a citizen of India, the deductions under these sections, such as 80CCD and 80CCC, will reduce a person’s taxable pay and the subsequent assessment risk as well. The maximum limit for the deductible amount stands at ₹1.5 Lakhs.
Any person is qualified for tax on savings under sections 80C and 80CCC of the income tax act. However, Hindu Undivided Families (HUF) cannot avail these benefits. As per the Income Tax Department, a singular citizen is qualified to get these deductions up to ₹1,50,000 subject to the informed conditions. Further, the Central Board of Direct Taxes (CBDT) has referenced that the total amount of the deductions under Section 80C, Section 80CCC and Section 80CCD will not exceed INR 1,50,000, regardless of whether the assesse is a senior resident or a regular citizen.
80C |
80CCC |
Deductions upto ₹ 1,50,000/- on taxable income |
Tax deductions with respect to contributions made toward pension/annuity plans |
Only HUFs and individuals can file under this section. |
Only HUFs and individuals can file under this section. |
Tax on savings is a feasible option that safeguards earning individuals so that they can reduce their taxes and make beneficial and rewarding expenditures and investments. Deductions are a reliable option that give rise to savings opportunities for a better tomorrow.
Ref. No. KLI/22-23/E-BB/2435
