Dear Sir,
I am abhijit and I have a query related to Tax deduction under section 80 C. Under section 80 C we can show EPF, LIC premium, PPF and so many other investments. Is there any limitation under this, let say If I have Rs. 50000/- as LIC premium which I have already showed. Can I show another Rs. 50000/- under PPF, which will make me a total deduction for Rs. 1 Lakh? Is there any rules which restrict that you can't show multiple investment at a time in Section 80 C.
Further, I also want ask, when we are calculation TDS on salary for employee, can we take these deductions in their (Under 80 C such as EPF, PPF, LIC premium) tax liability calculation or we have to deduct the exact TDS on payable amount without any deduction?
Please suggest me on this..
Regards
Abhijit
CAclubindia
