Section 80C

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 Section 80C of the Income Tax Act, 1961, provides provisions for various investments and expenses that are eligible for deduction from gross total income, thereby reducing the taxable income of an individual or Hindu Undivided Family (HUF). As of my last update, here are some of the key investments and expenses covered under Section 80C:


Employee Provident Fund (EPF): Contributions made by both the employer and employee towards EPF are eligible for deduction under Section 80C.


Public Provident Fund (PPF): Contributions made to PPF accounts are eligible for deduction under Section 80C. The interest earned and the maturity amount are also tax-free.


Equity Linked Savings Schemes (ELSS): Investments in ELSS mutual funds qualify for deduction under Section 80C. ELSS funds primarily invest in equities and have a lock-in period of three years.


Life Insurance Premiums: Premiums paid for life insurance policies, including those for self, spouse, and children, are eligible for deduction under Section 80C.


National Savings Certificate (NSC): Investments in NSC are eligible for deduction under Section 80C. The interest earned on NSC is taxable.


Tax-saving Fixed Deposits (FD): Investments made in tax-saving FDs offered by banks for a tenure of five years or more are eligible for deduction under Section 80C.


Sukanya Samriddhi Yojana (SSY): Contributions made towards SSY accounts for the benefit of girl children are eligible for deduction under Section 80C.


Senior Citizens Savings Scheme (SCSS): Investments made in SCSS are eligible for deduction under Section 80C. The scheme is available to individuals aged 60 years and above.


Tuition Fees: Payments made towards tuition fees for children's education in India are eligible for deduction under Section 80C. This includes tuition fees for up to two children.


Principal Repayment of Home Loan: Repayment of the principal amount of a home loan is eligible for deduction under Section 80C. This includes payments towards the purchase or construction of a residential property.


The maximum aggregate deduction allowed under Section 80C is ₹1.5 lakh per financial year, which means the total amount of deductions claimed under all eligible investments and expenses should not exceed this limit.


It's essential to review and understand the specific terms and conditions associated with each investment or expense to ensure compliance with tax laws and maximize tax-saving benefits. Additionally, individuals should keep proper documentation and receipts for claiming deductions under Section 80C during tax filing.




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