03 January 2016
Prior to AY 2006-07, instead of Deduction of Rs 1000000/ Tax rebate U/s 88 of 20% of the amount deposited/paid under the various savings schemes, LIP, NSC etc was allowed. . Section 80C has been revived from AY 2006-07. The limit has remained Rs 100000/- from AY 2006-07 to AY 2014-15. The Limit is enhanced to Rs 1.50 lac from Ay 2015-16.
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