Deduction under Section 80c, Tax Saving Investments, Schemes

Tax Saving Investment Schemes & Deductions Under Section 80C

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Tax Saving Investment Schemes & Deductions Under Section 80C

With an intention to boost saving rate of the economy, government always announce tax incentives on investments. Many tax payers make investments with an intention to save income tax. Following are some of popular tax saving investments & schemes where investors can claim tax deduction under section 80C.

Certain investments are eligible for income tax exemptions. The amount invested is deductible from Income Tax, which means person has to pay less tax.

Following are the popular tax saving investments & schemes where investors can claim income tax deduction under section 80C of the Income Tax Act.

  • Life Insurance – Life insurance premium paid for self, spouse and children
  • Provident Funds – Contributions made to public provident fund, statutory provident fund and recognised provident fund for self, spouse and children.
  • National Savings Certificates – These are Indian Government saving bonds and are a part of Indian postal savings scheme. The accrued interest is also qualified for deduction for the first 5 years.
  • Tax Saving Fixed Deposits – Amount deposited in 5 year fixed deposit with a scheduled bank and amount deposited in 5 year post office time deposit.
  • Notified units of Mutual Funds – Subscription towards notified units of Mutual Fund or UTI
  • Home Loans – Principal repayment of housing loan with a bank or co-operative society.
  • Annuity Plan – Payment for notified annuity plan of LIC
  • Notified Pension Scheme – Contribution to notified pension fund set up by Mutual Fund or UTI.
  • Equity Saving Scheme – Investment in Equity Linked Savings Scheme (ELSS)
  • Tuition fees – Sum paid as tuition fees to any educational institution in India for full time education of the children.

Maximum of Rs. 1,50,000/- amount can be claimed as deduction under Section 80C as per the Finance Act 2014.

Note: To know more about section 80C deductions, please see our guide here.

H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition for E filing their Income Tax Returns Online.

 Visit hrblock.in for more information or to find your nearest office to find assistance to file taxes.

HRBlockIndia
HRBlockIndia
H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition for filing their Income Tax Online.

12 Comments

  1. HRBlockIndia HRBlockIndia says:

    The limit of deductions allowed u/s 80C is 1.5 lakhs hence you would get a deduction upto 1.5 lakhs out of the total 2.5 lakhs invested.

  2. purnayya says:

    i had recommended few of my friends for filing tax and i know they have submit via the link they got via email. I wanted to check if your flipkart vouhcer or some gift voucher has been sent or not. I do not remember if i have received it.

  3. sidhartha singh says:

    i would liek to have a person talk to me.

  4. sidhartha singh says:

    can there be a representative to talk and explain.

  5. sharanabasava patil says:

    Need your help in tax declaration

  6. rao says:

    Thanks for the article.
    Can you publish another article, which can provide all other ways to save tax beyond 80C ?

  7. Jacob Koithra says:

    Apart from 80C of 1.5 Lakh that we do investment for tax is there other area that we could explore

  8. Shobha Bhattacharjee says:

    This is very helpful. Thanks H & R block team

  9. Shadab Barmare says:

    i think out of the Rs.1,50,000/-, Rs.50000/- is Infra Bonds. Is my understanding correct?

  10. SHASHANK PATHK says:

    Please provide advantacge to adopt NPS, how it would be benefital for tax savings and long terms ?

  11. Souvonik Mondal says:

    I need some help in planning the tax declarations for 2015-16. Can I speak to somebody?

  12. runima says:

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