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Section 80L used to allow deduction of interest earned on, say, a National Savings Certificate or a bank deposit up to a limit of Rs 12,000. But now all these are gone .In their place has come Section 80C -- "u/s 80CCC, & u/s 80CCD", as the Finance Bill puts it. Thus, the new Section 80C of the Income Tax Act proposed in Union Budget gives you a bigger tax break than what the current regime offers. Deduction in respect of Life Insurance Premia, Contribution to Provident Fund, etc. Rs 1 lakh can be invested under this section without any individual sub-limits except in the case of Rs 10,000 in pension funds. Sections 88, 80L, 80CCC and 80CCD is clubbed in.
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