Based on the income tax slab an individual falls into they do their maximum tax saving. The upper limit of the tax credit ratio of 10 is temporarily increased to 14 until 31 March 2021.
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This maximum investment amount is decided by the government.
. In addition the tax credit limitation for certain RD venture corporations ie. However every section amongst these has a pre-set maximum investment amount. The most common sections in Income Tax Act are 80C 80CCD 1B 24 b and 80D.
Corporations established in the past ten years or less with carryforward losses and that are not a subsidiary of a large corporation is 40 of the corporate tax liability while the rate of 25 is.
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