Section 80C of the Indian income tax act, provides tax deductions for the investments and payments made against certain financial instruments. These financial instruments are listed below -
- Investments in ELSS funds i.e. Equity linked saving scheme
- Investments in PPF i.e. Public provident fund
- Investments in EPF i.e. Employee provident fund
- Investments in NSC i.e. National savings certificates
- Investments in ULIPs i.e. Unit linked insurance plans
- Payment of premiums against life insurance policy
- Investments in tax-saving fixed deposits
- Investments in senior citizens savings scheme
- Investments in sukanya samriddhi yojana
- Repayment of home loan
- Payment of children's tuition fees
A maximum of Rs 1,50,000 tax deduction inclusive of all the investments and payments is allowed under section 80C . Read This to know how you can invest under 80C to avail tax deductions.