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    Question

    Which of the following is not an allowable deduction

    under Section 80C of the Income Tax Act?
    A Life Insurance Premium Correct Answer Incorrect Answer
    B Public Provident Fund (PPF) Contribution Correct Answer Incorrect Answer
    C Equity Linked Savings Scheme (ELSS) Correct Answer Incorrect Answer
    D Payment of Credit Card Bills Correct Answer Incorrect Answer
    E Principal Repayment of Home Loan Correct Answer Incorrect Answer

    Solution

    Section 80C provides deductions for investments in PPF, ELSS, Life Insurance, and principal repayment of home loans. Credit card payments are personal expenses and not eligible for deduction.

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