What is a section 80?

Section 80 of the Income Tax Act, 1961 provides various deductions and rebates related to income tax. Some of the popular deductions under Section 80 include:

1. Section 80C: Allows a deduction up to Rs. 1.5 lakh on the investments made in specified instruments like Public Provident Fund (PPF), Equity Linked Saving Scheme (ELSS), National Pension System (NPS), Life insurance premiums, etc.

2. Section 80D: Provides deductions on medical insurance premiums paid by individuals or HUFs.

3. Section 80G: Grants individual or HUF donors a tax deduction on the donation given to any charitable institutions or trusts.

4. Section 80E: Allows a deduction on the interest paid on education loans taken for higher education.

Taxpayers are advised to take advantage of the various provisions of section 80 to bring down their taxable income and claim deductions on their tax liability.