Under section 80C of the income tax act, a taxpayer can claim tax deduction of up to Rs 1,50,000 for a particular financial year. An individual or a Hindu undivided family can claim tax exemptions under this section. Section 80C comprises of a number of different investments and expenses eligible for a tax deduction. Some of them are:

• Unit linked insurance plan
• Life insurance premium
• Public provident fund (PPF)
• Employee provident fund (EPF) and voluntary provident fund
• National savings certificate
• Equity linked savings scheme (ELSS)
• Sukanya samriddhi scheme
• 5 year tax saving bank fixed deposits
• Senior citizens savings scheme