Save Income Tax under section 80C.

Things to know about section 80C of the Income Tax Act:-

 What is section 80C?
The most popular option used to save income tax is section 80C of the Income Tax Act,1961.
There are following a long list of investments, expenditures that qualify for deduction from gross total income under Section 80C. Some of them are as follows:-

a) Premium paid for life insurance, annuity plan

b) Contribution to provident fund such as EPF, VPF or PPF or superannuation funds

c) Investment in NSC, Senior Citizen Savings Scheme (SCSS) 2004, 5-year Post Office Term deposits, 5-year bank fixed deposits.

d) Investment in a notified Equity Linked Saving Scheme (ELSS) of a mutual fund.

e) Repayment of principal of loan taken for the purchase or construction of house as per rules specified.

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