Direct Tax Code Benefit
How much would anyone be able to save on taxes under the new Direct Tax Code as compared to Section 80C, and where can these Investments be made?
The existing limit of Rs.1 Lakh under the Section 80C of the IT Act, 1961, has been proposed to be increased to Rs.3 Lakh per annum under the Direct Tax Code Bill. 209 (DTC).
The Investments proposed under DTC are the contributions made in any account maintained with the ‘permitted savings intermediaries’ namely approved provident fund, approved superannuation fund, life insurer, new pension scheme trust.
Some of the popular Investment options like ELSS, re-payment of the principal amount of the housing loan do not feature in the DTC at present.
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