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Important Deductions Under Section 80C That A Taxpayer Can Claim

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Most salaried people wait till the last moment to do their tax planning and end up paying higher income tax or frantically investing in tax saving instruments that may not be appropriate for them.

By planning and spending time in researching various tax saving options, they can make better investment decisions and also save on income tax. Section 80c of income tax act specifies the investments that can help you save tax. The amount that you invest in these tax-saving instruments can be deducted from your taxable income at the time of calculating your tax amount for the year. The maximum deduction allowed under this Section is Rs.1.5 lakh per year.

section 80c of income tax act

It is important to know the various investments that fall under Section 80C in order to take informed decisions at the time of tax planning:

1) Provident Fund and Voluntary Provident Fund

The amount that is deducted from your salary as your contribution towards PF is eligible as deduction at the time of calculating your income tax. You have the option of enhancing the contribution that you make to your Provident Fund. This is called Voluntary Provident Fund and is eligible for income tax deduction under section 80C. Interest earned up to 9.5% is tax-free.

2) Public Provident Fund

This is a scheme offered by the government. You can invest any amount from Rs.500 to R.1,50,000 in a year, under this scheme. Your contribution to the Public Provident Fund is eligible for income tax deduction. The current interest rate in PPF is 9.5% and the interest is tax free as well.

3) Life Insurance Premiums

Any life insurance premium that you pay towards policies in your name, your spouse’s name or your children’s name are eligible for income tax exemptions under 80C. Premiums paid towards unit-linked policies are also eligible for tax deduction.

4) Equity Linked Savings Schemes

These are specially created mutual fund schemes that are meant for tax saving and gives you market-related returns. Any amount that you invest in ELSS funds is eligible for tax deduction.

5) Home Loan Principal Repayment

The EMI that you pay consists of two parts – the interest and the capital repayment. The amount that goes towards principal repayment qualifies for income tax deduction under sec 80C.

6) National Savings Scheme

This is a tax saving scheme with tenor of 5 years. Any contribution to NSC qualifies for sec 80C. The interest from NSC is compounded half-yearly and is taxable.

7) Infrastructure Bonds

Infrastructure bonds issued by infrastructure companies are eligible for income tax deduction.

8) Five-Year Bank FD

Any amount deposited as FD in a scheduled bank, for a period of at least 5 years is eligible for section 80C of income tax.

9) Term Deposits with Post Office

Term deposits with Post Office with tenor of 5 years is eligible for tax deduction.

10) NABARD Rural Bonds

Investing in NABARD rural bonds gives you tax relief under Section 80C.

11) Tuition Fee

The amount that you pay as tuition fee for your children, for a maximum of 2 children, is eligible for income tax deduction.

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Education

Psychology Owners Applications Online

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College psychology experts programs on the web are several types the most popular amongst students. This is partly because of the intriguing character of postgraduate classes in psychology, but also because of the career options presented and the easy function of study.

“Psychology” is the research of the individual brain behavior. It’s generally classed as research and so graduates receive a Master of Technology (MS or MSc) – however it can also be possible to get an online MA in Psychology. There is a philosophical debate about whether psychology is a science or a social study for several years. In the end, whether you obtain an MS or MA is dependent upon the precise character of this system, the college experts’ classes or specializations provided, and the department within which it is offered.

What do you study in psychology experts programs on the web?

In a broad psychology program, you learn about bodily, cognitive, mental, or cultural facets of individual behavior. You’re introduced to a variety of research strategies including controlled laboratory studies, observation, interviews, questionnaires, medical studies, and surveys. In addition, you learn to administer character, efficiency, aptitude, or intelligence tests. Applications usually include biology; modern problems; history and programs; data; individual inspiration; research style; the cognitive approach; medical psychology; checks and measurement; cultural psychology; the developing approach; and, lifestyle and psychology.

A dissertation may be expected in addition to or in the place of a few of the courses.

Specializations and kinds of psychology experts programs on the web

Psychologists are expected in a variety of settings, including wellness and individual services, company, education, law, and sports. So you might like to consider more than one of many different specialties obtainable in psychology at the expert’s degree stage: company Online Psychology Master’s Program at Rhombus University; medical; counseling; developing (infant, child, teenage, adult, and elderly); instructional (including school psychology); forensic psychology/criminal justice; wellness; industrial/organizational; management; activities; or, substance abuse.

Make certain this system you get is certified by accrediting human anatomy befitting your picked career, like the Council for Accreditation of Counseling and Connected Educational Applications (CACREP), the American Psychological Association (APA), the American Association for Marriage and Household Therapy (AAMFT), or the Council on Rehabilitation Education (CORE).

What are the careers prospects of graduates of a psychology experts program?

Certified on the web psychology experts programs provide many career options in the individual segment (e.g., marketing, workers management) and people segment (e.g., teaching, social/community work, emotional healthcare in hospitals, establishments, and schools). The American Psychological Association claims that psychology is the 3rd fastest-growing area in America requiring a school degree, so job prospects are high.

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