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of <h1>Maximize Tax Savings: PPF and LIC Contributions Deductible u/ss 80C, 80CCC, Capped at Rs. 1.5L by Section 80CCE.</h1> An individual made financial contributions in the assessment years 2015-16 and 2016-17, depositing 1,10,000 in a Public Provident Fund (PPF) and contributing 41,000 to a Life Insurance Corporation (LIC) annuity policy. These contributions are eligible for deductions under Sections 80C and 80CCC of the Income Tax Act. However, the total deductible amount is capped at 1,50,000 as per Section 80CCE. Despite the total contributions amounting to 1,51,000 each year, the deduction is limited to the maximum ceiling of 1,50,000.
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