Deductions under Section 80c
Section 80 C, one of the most popular Income Tax sections, allows any Indian income tax payer to save tax by investing in one or more of the below mentioned investment schemes. Deduction can be claimed under 80C while filling income tax returns. As of current budget benefits up to a maximum of Rs. 1.5 lakhs can be availed in a financial year.List of Schemes falling under 80 C deductions
- ELSS- Equity Linked Savings Scheme
- PPF- Public Provident Fund
- EPF- Employer's Provident Fund
- NPS- National Pension scheme
- NSC- National Savings Certificate
- ULIP- Unit Linked Insurance Plan
- SSY- Sukanya Samridhi Yojana
- SCSS- Senior Citizens Savings Scheme
- Tax saver fixed deposits
- Home loan repayment
- Tuition fees of children
- Life insurance premium
The income tax slab rates in India for men and women below 60 years of age are as follows:-
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| Income Tax Slabs in India |
How much can you save from an 80 C deduction applicable investment scheme?
The amount of savings through an 80 C investment depends on the salary bracket under which an individual falls but the maximum amount of tax saving for individuals falling under the same tax slabs is the same although different in different tax slabs. Let me show this to you through a calculation. |
| Maximum tax benefits through deductions under Section 80c |
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