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of <h1>Section 80-L: Tax Deductions on Interest and Dividends Explained, Including Limits and Eligibility Criteria</h1> Section 80-L of the Income-tax Act, as amended by the Finance Act, 1970, effective April 1, 1971, allows deductions on certain income types. These include interest from Central or State Government securities, specified debentures, government-notified deposit schemes, dividends from Indian companies, income from Unit Trust of India units, interest on deposits with banking companies or co-operative banks, and interest from approved financial corporations. A deduction is allowed for the full amount if the income does not exceed 3,000 rupees, otherwise, a deduction of 3,000 rupees is permitted. If eligible for a Section 80-K deduction, only the remaining dividend income after this deduction is considered for Section 80-L.
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