✔️What are the investment options available under Section 80C of the Income Tax Act?

Given below are the various tax benefit investments under Section 80C of the Income Tax Act: Equity-Linked Savings Scheme (ELSS) Senior Citizen Savings Scheme (SCSS) National Pension Scheme (NPS) Tax-saving Fixed Deposit Public Provident Fund (PPF) Term insurance plans National Savings Certificate (NSC) Sukanya Samriddhi Yojana (SSY)

✔️What are some other tax-saving options apart from Section 80C?

Some other tax-saving investment options that you can opt for are: Education loan interest under Section 80E Health insurance plans under Section 80D Donations under Section 80G Home loan interest under Section 24

Best Tax-Saving Investments in FY2020-21

Finding the right tax saving investments isn’t as challenging as you might think. With the New Tax Regime introduced in 2020, you now have the choice to opt for an income tax saving plan that serves you best.

The Income Tax Act of 1961 is a provision that allows you to claim exemptions and deductions under a number of sections. This will help you reduce your tax liability. You can save up a substantial amount on your taxes if you opt for tax benefit investments. You will then have to file them as per your preferred tax regime.

It is important to note that you will need to make these investments between April 1 and March 31 of the respective financial year.

Am I Liable to Pay Income Tax?

If you are an individual or a business that earns an income, you will be required to file your income tax returns. However, it is only mandatory to file your returns if your total yearly income exceeds the ₹2.5 Lakhs exemption limit.

Based on the net taxable income, the following entities are liable to pay income tax and file ITRs:

Self-employed and salaried individuals
Association of Persons (AOP)
Hindu Undivided Family (HUF)
Corporate firms and companies
Body of individuals (BOI)

Understanding Tax-Saving

The process of filing your ITR can be quite taxing due to the submission of various acknowledgements that it involves. Having said that, if you wish to save up on taxes, it is imperative that you invest in tax-saving schemes. A deeper understanding of income tax slabs will help you pick the best tax-saving investments.

While the new tax regime offers reduced tax rates, it also eliminates certain exemptions and deductions that you could get under the previous regime. A clearer perspective on both the regimes will help you decide which mode of filing to opt for.

Which Tax Regime Should I Opt For?

When you need to decide which regime to go ahead with, tax-saving investment plans come into play. You can either opt for the old regime or the new regime as per the income tax exemptions and deductions that you’ve claimed.

The new tax regime offers low tax slabs for entities earning an income lower than ₹15 Lakhs. However, to benefit from the reduced tax rates, you will have to let go of deductions and exemptions such as LTA, HRA, and others. You could choose income tax saving plans, if you wish to opt for the old regime and save up on your taxes.

Different Tax-Saving Tools

Here are the various tax-saving investment options on Bajaj Markets that you can opt for:

1. Health Insurance

Health emergencies can befall you without any warning. Which is why it is important to have health insurance. Moreover, with the medical costs rising due to inflation, it can get difficult to handle your finances during such times. A health insurance plan will help you cover any medical costs and keep you from incurring any financial loss due to paying for treatments.

One of the best tax-saving investments, health insurance, not only aids you in times of peril, but also helps you benefit from tax deductions. Under Section 80D of the Income Tax Act, you can get up to ₹1 Lakh as deduction on tax for health insurance premiums. OnBajaj Markets you can get health insurance plans that are tailor-made to cater to your personal needs. They consist of multiple benefits such as cashless claim facility at over 6,500+ partner hospitals, comprehensive coverage and so on.

2. Home Loan

Each person at some point in their life dreams of owning a home. This kind of an investment can be quite burdensome on your finances. This is where home loans come in handy. They not only help ease the financial burden on you but also act as a tax saving scheme . You can claim up to ₹1.5 Lakhs on the principal loan repayment amount which includes stamp duty and registration charges.

Moreover, you can get tax benefits of up to ₹2 Lakhs on the interest component of the Home Loan under Section 24(B). Under Income Tax Act’s Sections 80EEA and 80EE you can further claim deductions if you qualify for the same. Head on over to Bajaj Markets and apply for a home loan to buy your dream home today!

3. Term Plan

Term plans might seem quite similar to life insurance. However, a term plan provides both death benefit as well as maturity benefit. It helps you secure yourself against unpredictable situations that you might encounter.

Such a comprehensive plan helps you protect your future goals and financially covers your family if anything happens to you. Furthermore, it is among the best tax-saving investment options that offers dual benefits of an all-inclusive coverage and tax deduction. Tax deductions can be claimed under Income Tax Act’s Section 80C.

4. ELSS (Equity-Linked Savings Scheme)

With a mere 3 year lock-in period, ELLS is an income tax saving plan that enables a tax deduction of up to ₹1 Lakh. This can be claimed under Income Tax Act’s Section 80C. You can either invest a lump sum amount in one go or at regular intervals through an SIP. ELSS investments help you save up on taxes while expanding your wealth.

5. NPS (National Pension Scheme)

NPS, a government-backed tax-saving scheme, helps people attain financial independence post retirement. Moreover, under Income Tax Act’s Section 80CCD (1B), it also offers tax benefits in addition to a ₹50,000 deduction. Furthermore, you also get the flexibility to choose from an abundance of fund managers and options to invest in.

The PFRDA (Pension Fund Regulatory and Development Authority) is the board that regulates NPS. The process to track as well as manage your NPS account is quite simple due to easy portability.

6. FD (Fixed Deposit)

Fixed deposit is an investment option that assures guaranteed returns. There are a wide variety of FDs to choose from. But if you’re looking to get tax benefits from FDs, one of the best tax-saving options is the Tax-saver FD. With a 5 year lock-in period this FD helps you get up to ₹1.5 Lakhs as deduction through Income Tax Act’s Section 80C.

The Tax-saver FD is a good choice if you have a low appetite for risk and wish to reduce your tax liability. However, you must note that this kind of an FD does not allow premature withdrawals.

Apart from the above-mentioned tax-saving investments, there are a few other financial instruments that you can invest in to get tax benefits. They include:

7. PPF (Public Provident Fund)

PPF is a tax-saving investment option that enables you to build a substantial monetary backup for post retirement financial stability. Although it is a long-term investment, the benefits of compounding helps build a corpus over a period of time.

The government revised the rate of interest of a PPF every quarter. The power of compounding coupled with the increased rates make it a great investment to grow your wealth. Moreover, no tax will be levied on the amount or the accumulated interest of a PPF. Under Income Tax Act’s Section 80C you can claim benefits of up to ₹1.5 Lakhs.

8. EPF (Employees’ Provident Fund)

As an income-earning individual, you contribute a portion of your said income towards EPF. This amount accumulates over the course of your job’s tenor and serves as a retirement benefit when you leave the company.

However, an EPF is also an income tax saving scheme that qualifies for tax deductions. These deductions can be claimed under Income Tax Act’s Section 80C. If you wish to benefit from tax deductions, you can request your employer to increase your contribution towards the EPF. This will help you increase your investment and reduce your total taxable income.

9. ULIP (Unit-Linked Insurance Plan)

ULIPs are a combination of investment and insurance. Through such a financial tool you not just get good returns but will also be able to save money on your taxes. This tax benefit investment also provides insurance coverage and safeguards you against any unforeseen risks.

Additionally, you can claim up to ₹1.5 Lakhs as deductions on tax under Income Tax Act’s Section 80C if you invest in ULIPs. Whether you want to build a corpus for your retirement or save on taxes, ULIPs will help you get great returns.

10. SSY (Sukanya Samriddhi Yojana)

In honour of the Beti Bachao Beti Padhao initiative, SSY was launched to help low-income earning families to secure their daughters’ futures. This tax-saving investment plan not only provides financial aid to girls but also qualifies for tax exemption under Income Tax Act’s Section 80C.

All contributions, be it the maturity amount, the interest earned or the withdrawals made, are exempt from tax. The interest rate for a SSY is decided by the government every quarter and is payable at maturity.

11. NSC (National Savings Certificate)

In order to provide financial assistance to low-income groups, the government of India launched NSC. This is a government-backed tax-saving investment plan that is non-risky, yet yields good returns. This investment qualifies for tax deductions of up to ₹1.5 Lakhs under Income Tax Act’s Section 80C.

12. SCSS (Senior Citizen Savings Scheme)

As the name suggests, the SCSS is specially designed to provide financial help to senior citizens. This is a low-risk tax benefit investment that has a 5 year lock-in period. The SCSS offers an interest rate as high as 8% that allows senior citizens to benefit from the act of compounding.

The investment is eligible for tax deductions of up to ₹1.5 Lakhs under Income Tax Act’s Section 80C. The 5 year lock-in period can be extended by an additional 3 years for increased returns.

How Can I Save Up on Taxes in 2023-24?

There are multiple deductions that you can make use of to reduce your tax liability. An understanding of what the various deductions are will help you put them to good use and bring down your total taxable income.

The following table gives you an idea of the major tax deductions that you can claim, if applicable, under the Income Tax Act:

Tax Deduction	Specifications
Section 80C	Deductions of up to ₹1.5 Lakhs on investment such as home loan, SCSS, ELSS, SSY, life insurance premiums, NSC and others.
Section 80CCC	Deductions of up to ₹1.5 Lakhs for contributions made towards certain pension plans offered by life insurance.
Section 80CCD	Deductions of up to ₹50,000 for contributions made towards NPS or APY (Atal Pension Yojana), inclusive of those made by employers.
Section 80D	Deductions of up to ₹50,000 contributions made towards health insurance premiums, critical illness and top-up health plans. Note: Non-senior citizens can claim tax deductions of up to ₹25,000 for the same.
Section 10 (10D)	Exemptions on the assured amount as well as any accrued bonus received on life insurance claim. Returns through ULIPs are also applicable. Note: The aggregate annual premium for the insurance must be below ₹2,50,000.
Section 10 (10A)	Exemptions on accumulated pensions received by employees working in the government sector.
Section 80EE	Deductions of up to ₹50,000 on the interest component of a residential property loan.
Section 80GG	Deductions of up to ₹60,000 p.a. for payments made towards HRA (House Rent Allowance).
Section 24	Deductions of up to ₹2 Lakhs on the interest paid towards home loan.
Section 80TTA	Deductions of up to ₹10,000 on interest earned through savings made in a post office, bank or cooperative society.
Section 80TTB	Deductions of up to ₹50,000 exclusively for senior citizens on interest earned through savings made in a post office, bank or cooperative society.

Income Tax Slabs for 2023-24

In India, the income tax rate applicable for each individual depends on their age and the income they earn. Each year, the government of India announces tax slabs in the Budget with these parameters in mind. You will need to go through the revised government guidelines to be able to determine the total amount that you’ve to pay as tax.

Here’s a table to help you understand the applicable tax slab for non-senior citizens based on income range:

Income Range	Tax Rates Based on the New Regime- Before Budget 2023 ( Valid till March 31, 2023)	Tax Rates Based on the New Regime- After Budget 2023 (Valid from April 1, 2023)
Up to ₹2,50,000	NIL	NIL
₹2,50,000 to ₹3,00,000	5%	NIL
₹3,00,000 to ₹5,00,000	5%	5%
₹5,00,000 to ₹6,00,000	10%	5%
₹6,00,000 to ₹7,50,000	10%	10%
₹7,50,000 to ₹9,00,000	15%	10%
₹9,00,000 to ₹10,00,000	15%	15%
₹10,00,000 to ₹12,00,000	20%	15%
₹12,00,000 to ₹12,50,000	20%	20%
₹12,50,000 to ₹15,00,000	25%	20%
Above ₹15,00,000	30%	30%

Here’s a table to help you get an idea of the applicable tax slab for senior citizens based on income range:

Income Range	Tax Rates Based on the Old Regime for FY 2022-23 (AY 2023-24)			Tax Rates Based on the New Regime for FY 2023-24 (AY 2023-24)
Income Range	Individuals/ HUF/ NRIs below the age of 60	Individuals/ HUF between ages 60 and 80	Individuals/ HUF aged 80 and above	Before Budget 2023 ( Valid till March 31, 2023)	After Budget 2023 (Valid from April 1, 2023)
Up to ₹2,50,000	NIL	NIL	NIL	NIL	NIL
₹2,50,000 to ₹3,00,000	5%	NIL	NIL	5%	NIL
₹3,00,000 to ₹5,00,000	5%	5%	NIL	5%	5%
₹5,00,000 to ₹6,00,000	20%	20%	20%	10%	5%
₹6,00,000 to ₹7,50,000	20%	20%	20%	10%	10%
₹7,50,000 to ₹9,00,000	20%	20%	20%	15%	10%
₹9,00,000 to ₹10,00,000	20%	20%	20%	15%	15%
₹10,00,000 to ₹12,00,000	30%	30%	30%	20%	15%
₹12,00,000 to ₹12,50,000	30%	30%	30%	20%	20%
₹12,50,000 to ₹15,00,000	30%	30%	30%	25%	20%
Above ₹15,00,000	30%	30%	30%	30%	30%

Declaration of Investments - A Basic Guide

As an income-earning employee you will be required to declare your investments at the beginning of every financial year. Under an investment declaration you will have to let your employer know an estimate of the investments that you plan on making. You need to submit the proof of the actual investment just yet. You can make such submissions when the fiscal year ends. You are free to invest an amount more or less than you initially declared. Basically, your final investments do not have to be the exact amount that you declared at the beginning of the fiscal year.

The motive behind declaring your investments annually is to inform your employer of your tax-saving investments for that particular year. Based on your declaration, your employer can deduct tax or TDS (Tax Deducted at Source) from your salary. Hence, it is imperative that you declare your investments for maximised in-hand income.

Income-earning individuals will need to submit Form 12BB towards the end of the fiscal year to prove that they’ve invested in various financial instruments. This will then help you claim deductions on tax and get a rebate. You might also be asked to submit documents to authenticate your declaration. The involvement of your employer is a part of the final step of declaring your investments.

Investment Declaration: Three Possible Scenarios

First Scenario: The Amount You Declared Is Greater When Compared to the Invested Amount

Under this scenario, the employee is unable to invest the amount that was declared at the beginning of the fiscal year. As mentioned earlier, the employer deducts tax at the source (TDS) on the basis of the initial investment declaration.

In such a case, the employee is liable to pay more tax since they did not invest the declared amount. Thus, the employer will recalculate the tax that the employee is liable to pay and adjust it over the next few months. Nevertheless, if the employee makes tax-saving investments before the financial year ends, they can claim a refund on taxes from the IT department. This can be done after the filing of income tax returns (ITR).

Second Scenario: The Amount You Declared Is the Same as the Invested Amount

Under this scenario, the employee invests the same amount as was declared at the beginning of the financial year. The employer will then deduct the applicable tax from the employee’s monthly salary.

Moreover, in this scenario, the tax that the employee pays is equal to the actual amount that they owe to the IT department. Therefore, the employee has to claim “NIL” returns while they file their ITR at the end of the year. Under such a situation, the process of filing ITR is quite simple, as long as there is no other source of unaccounted additional income.

Third Scenario: The Amount You Declared Is Less When Compared to the Invested Amount

Under this scenario, the employee ends up investing more than it was originally declared. This implies that they have saved up more on taxes. However, this would mean that the employer has been deducting more tax at the source on the basis of the initial declaration. This indicates that the employer has paid more taxes to the government on the employee’s behalf than required. In this case, the employee will be eligible for refund on tax that can be claimed while filing ITR.

Therefore, is it wise to invest in income tax saving schemes and declare your investments at the beginning of the year. This will let your employer deduct tax accordingly, which will allow you to maximise your tax benefits.

Income Tax Tools & Articles

Income Tax Deduction & Exemptions

GST & E way Bill

Tax laws that help in reducing the tax liability of eligible entities are known as tax benefits. Some of the benefits that you can get from investing in tax-saving investment options are: Income Tax Exemptions and Income Tax Deductions. These benefits help you save a substantial amount on your taxes. Changes in tax laws are announced periodically, hence, it is advisable that you go through the revised government guidelines to ascertain exact tax benefits.

Life insurance provides financial protection to your family if something were to befall you, along with a host of tax benefits. The premiums that you pay for a life insurance policy are eligible for tax deduction under Income Tax Act’s Section 80C. The available tax deductions lower your taxable income, boosting your overall savings. A tax deduction of up to ₹1.5 Lakhs can be claimed for the premiums paid.

Health insurance is one of the best tax-saving options that not only aids you in case of medical emergencies but also offers tax benefits. Moreover, the government offers a variety of tax incentives to promote its adoption. The premiums paid for health insurance are eligible for tax benefits under Section 80D. Section 80C: A deduction of ₹1.5 Lakhs can be claimed on payments made towards health insurance premiums.

In order to save up on your income tax, investments that offer tax benefits such as NSC, NPS, and so on are highly recommended. Furthermore, Section 80C of the Income Tax Act of 1961 is an important tax law that can help you save on your taxes. You can claim a deduction of up to ₹1.5 Lakhs every year under this for certain tax benefit investments. A variety of investments are eligible for tax benefits, among them, fixed deposits, PPF, ULIP and ELSS are some of the popular options.

Employers take into account the proof of investments submitted by you to compute your taxable income. Therefore, it is advisable that you submit the proof on time. Having said that, if you fail to do so, you can always claim deductions while you file your tax returns. In order to make such a claim, the investments should have been made during the relevant financial year.

All deductions available under Section 80C are valid only in the year that the tax benefit investments are made in. If you have made an investment on April 30, 2022, you will be eligible to claim the deduction in the financial year 2022-23.

A company cannot claim tax benefits under Section 80C as its provisions apply only to individuals and Hindu Undivided Family (HUF).

Irrespective of the nature of ownership, deductions under Section 80C apply to all insurers. However, the insurance company should be registered with the Insurance Regulatory and Development Authority of India. You can claim a deduction of up to ₹1.5 Lakhs under Section 80C for a policy issued by a private insurer.

You can claim a deduction on the stamp duty paid for the purchase of a residential property in the year the payment was made. The provision of such a deduction is stated under Income Tax Act’s Section 80C.

Tax deductions on health insurance premiums are available separately for policies that cover you, your spouse, children and parents. You can claim a deduction of up to ₹25,000 under Section 80D for a policy that covers you, your spouse and children. Additionally, you can claim a deduction of ₹50,000 for a policy that covers your senior citizen parents. Both these deductions can be claimed together under Section 80D of income tax laws.

Under Section 80TTB, the interest earned from a fixed deposit is exempt for people over the age of 60. However, this exemption is valid up to a maximum limit of ₹50,000. Additionally, if you opt for a tax-saver FD, you can get tax deductions of up to ₹1.5 Lakhs.

The premiums paid towards health insurance are tax-exempt under Section 80D of the tax laws. The tax benefit is available only to individuals and Hindu Undivided Family, but not to corporate entities. The section also mandates payment through DD, cheque or electronic means to claim tax benefits. Cash payments are not eligible for tax deduction under Section 80D.

Section 80C offers deductions on various investments such as home loan, SCSS, ELSS, ULIP, SSY, life insurance premiums, NSC and others. Under this section you can get a tax deduction of up to ₹1.5 Lakhs on these investments.

Under Section 80CCC you can claim deductions of up to ₹1.5 Lakhs for contributions that you make towards certain pension plans offered by life insurance.

Section 10 (10D) allows tax exemptions on the assured amount as well as any accrued bonus received on life insurance claim. This could either be a death benefit or amount received at maturity. Additionally, the returns that you get through ULIPs are also applicable under this section. However, the aggregate annual premium that you pay for the insurance policy must be below ₹2,50,000.

Section 10 (10A) states exemptions on accumulated pensions received by employees that work in the government sector. If the government employee receives gratuity, in that case exemption will be applicable on one third of the total value of the accumulated pension. In the absence of gratuity, exemption will be applicable on one half of the total value of the accumulated pension.

Section 80C has specifically set regulations as to which investment qualifies for deductions and which does not. Recurring deposits are not eligible for a deduction. If you wish to claim deductions under this section, you will need to invest in tax-saving investments such as FDs, ELSS, and so on.

The deduction of ₹1.5 Lakhs that is allowed under Section 80C is inclusive of the deductions allowed under sections 80CCC and 80CCD.

On the basis of the nature of the allowance, you can determine whether it is taxable or not. Allowances like Dearness Allowance, Overtime Allowance, Fixed Medical Allowance and others are fully taxable. On the other hand, allowances like House Rent Allowance, Transport Allowance, Hotel Expenditure Allowance, Daily Allowance, Travel Allowance, and so on are partially taxable.

Form 16 has two parts—Part A and Part B. If the employer deducts TDS, he/she will issue Part A of Form 16. Form 16 (Part A) can be downloaded from the TRACES website. If the employer does not deduct TDS, Form 16 is not required. However, Part B of the form can be issued by the employer even if your salary does not exceed the annual exemption limit.

Since there is no employer-employee relationship in the case of a family pension, it is not taxed as salary income. Family pension will be taxed as income from other sources.

Yes, any amount that you receive as leave encashment will be taxed as salary income. Leave encashment is tax-exempt for government employees. However, for non-government employees the lowest of the following will be exempt from tax: (i) An amount equal to salary for the period of leave earned. (ii) 10 months average salary. (iii) ₹3,00,000.

Section 80D of the Income Tax Act specifies in detail the tax deductions that you can claim on a health insurance policy. If you buy a health plan that covers you, your wife and children, you can get a deduction of up to ₹25,000. Additionally, if you buy health insurance for your parents who are senior citizens, you can claim a deduction of ₹50,000.

Yes, both the earning members of a family can individually claim maximum tax benefits for a joint home loan. The interest that you pay for a home loan qualifies for a deduction of up to ₹2 Lakhs under Income Tax Act’s Section 24B. Additionally, the repayment of the principal amount qualifies for a deduction of up to ₹1.5 Lakhs under Section 80C.

NPS is a retirement-focused financial instrument that offers additional tax benefits under Section 80 CCD (1B) of the Income Tax Act. A taxpayer can claim an additional deduction of up to ₹50,000 for contributions made towards NPS. The tax benefit is over and above the limit of 80C.

Filing the income tax returns on time is as important as paying your tax diligently. Under Section 234A you can be penalised for filing taxes late. Moreover, an interest will be charged on the outstanding tax liability if you file your tax returns late.

Section 80TTA allows a deduction on the income that you earn through savings made in a post office, bank or cooperative society. However, this tax benefit is valid only till ₹10,000. Any income beyond the said amount will be taxed.

The income generated by resident individuals and companies from foreign countries is taxable in India. Non-resident Indians, on the other hand, have to pay taxes only on the income earned in India or from a source/activity in India.

The premiums paid on health insurance policies qualify for tax deductions. In addition to getting deductions for a policy bought for your family, you can also claim deductions on the policy bought for your parents. Irrespective of whether your parents are dependent on you or not, you can claim the deduction under Section 80D. If your parents are aged above 60, you can get a tax deduction of up to ₹50,000.

The interest earned on a tax-saving FD is taxable at all times.

No, the HRA (House Rent Allowance) benefit is only valid if you’re a salaried employee. Having said that, self-employed individuals can avail deductions for house rent under Section 80GG of the Income Tax Act.

House rent allowance is not mandatory for you to receive tax benefits on the rent you pay. Even self-employed individuals can claim a deduction under Section 80GG for the payment of rent.

A maximum deduction of ₹2 Lakhs can be claimed for the interest paid on a home loan. Under Section 24 you can claim this deduction for either a self-occupied or a rented property.

Income tax is a form of direct tax levied by the government of India on the income every individual earns. Income tax in India is governed through the Income Tax Act of 1961.

In India, the period between April 1 and March 31 is considered as the financial year. This is used for the purpose of accounting and budgeting by the government. The financial year is further classified into ‘Previous Year’ and ‘Assessment Year’. The year in which the income is earned is known as the previous year. Similarly, the year in which the tax is computed is known as the assessment year.

Every entity that earns an income which exceeds the government-set tax slab is liable to pay income tax. In the case of individuals, the age factor also plays a vital role in determining how much tax they owe.

If an income is tax-exempt, it will not be considered during the computation of income tax. On the other hand, the income that is taken into account for taxation purposes is known as taxable income.

Tax is not levied on agricultural income in India. However, if you have a non-agricultural income, you will have to declare the agricultural income for the calculation of tax on your non-agricultural income.

For every income that you earn, you will need to maintain records as per the Income Tax Act. If the act doesn’t specify the records you’d need to submit, it is advisable to maintain relevant records to prove your claim of income.

Irrespective of your source of income, you have to maintain records. This applies for agricultural income as well. Even though such an income is exempt from taxes, it is wise that you maintain some proof of your earnings and expenditures.

In the case of lottery or prize money, a 30% tax is deducted without any basic exemption limit. Generally, this tax is deducted at source and the balance is paid to the winner.

The Government of India provides relief to individuals who have paid income tax in a foreign country. The relief can be granted as per the double taxation avoidance pact or Section 91 of the Income Tax Act.

There is no limit to the number of tax-saving schemes you can invest in. However, there is a limit on the amount you can claim in deductions per financial year. For example, under Income Tax Act’s Section 80C (including Sections 80CCC and 80CCD) you can claim a maximum amount of ₹1.5 Lakhs.

You can choose to invest your income in several tax-saving investment plans that meet your financial goals and also help save money on taxes. You can make use of an income tax calculator in case you want to determine your tax liability and plan your investments accordingly.

Given below are the various tax benefit investments under Section 80C of the Income Tax Act: