Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>5-Year Post Office Time Deposit Scheme Qualifies for Income Tax Deduction u/s 80C, Reducing Taxable Income.</h1> Deposits made in the 5-Year Time Deposit Scheme at the post office qualify for a deduction under section 80C of the Income Tax Act. Section 80C allows for deductions related to life insurance premiums, deferred annuities, and contributions to provident funds, among other financial instruments. This inclusion provides taxpayers an opportunity to reduce their taxable income by investing in eligible savings schemes, including specific post office deposits.
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