Section | Investment Instrument | Conditions (if any) | Tax Benefits and Deductions |
---|
80C | Life Insurance Premiums | Not applicable if policy is bought for parents or parents in law | Tax Deduction Limit – INR 1,50,000(if any) Income on maturity is tax -free |
80C | PPF | Maximum amount that can be invested in a year – INR 1.5 lakh | Tax Deduction Limit – INR 1,50,000 |
80C | EPF (Employee Provident Fund) | NA | Tax Deduction Limit – INR 1,50,000- Interest is also tax-exempted |
80C | ELSS (Equity Linked Savings Scheme) | NA | Tax Deduction Limit – INR 1,50,000 |
80C | ULIP (Unit Linked Investment Plans) | | Tax Deduction Limit – INR 1,50,000 |
80C | Fixed Deposits | Any bank deposit for a minimum of 5 years is eligible for tax deduction under 80C. | Tax Deduction Limit – INR 1,50,000 Interest taxed at slab rates. |
80C | Home Loan Principal Payment | NA | Tax Deduction Limit – INR 1,50,000 |
80C | SSY (Sukanya Samridhhi Yojana) | NA | Tax Deduction Limit – INR 1,50,000 Maturity amount is exempted from taxes |
80C | NSC (National Saving Certificate) | the interest accrued in first 4 years is eligible for deduction. | Tax Deduction Limit – INR 1,50,000 |
80C | NPS (National Pension Scheme) | NA | Tax Deduction Limit – INR 1,50,000 |
80C | SSC (Senior Citizen Scheme) | NA | Tax Deduction Limit – INR 1,50,000 |
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