Income tax Software - 80 C Deductions
Income Tax Software - Deductions under 80c
Income come tax Financial Year 2022-23 Assessment Year 2023-24
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Key tax terms to know
- AGI
- Tax credits
- Tax deductions
- Standard deduction
- Itemized deductions
- Tax exemption
- Progressive taxation
- Taxable income
Section 80C provides the deductions up
to ₹ 1,50,000/- on various investment and expenses provided by Income Tax department. It is one of the most popular sections availed by most taxpayers. Find below a
list of investment & expenses options available under Sec 80C.
Investment Option |
Details |
Provident Fund (EPF/VPF) |
A government
managed retirement saving scheme to secure a better future
for employees. |
Public Provident Fund (PPF) |
A Central
Government Saving Scheme under
the PPF Act of 1968. |
LIC Premium |
Amount paid periodically to the life insurer by the insured
for covering risk. |
National Savings Certificate(NSC) |
Fixed income investment scheme that can be opened
with any post office. |
Tax
Savings 5 year FD from Bank |
Fixed deposit scheme with 5 year
lock-in. |
Senior Citizen Savings Scheme (SCSS) |
Government of India Savings Scheme for Senior Citizens for receiving fixed
quarterly interest. |
Sukanya Smriddhi Yojona
(SSY) |
Government Backed deposit scheme for Girl child. |
Unit Link
Insurance Plan (ULIP) |
Investment Plan from Life Insurance companies offering
investment in Equity as well as Life Coverage. |
Equity Link
Savings Scheme |
Investment in Equity Oriented Mutual Fund with 3 years lock-in. |
Principal Amount payment towards home loan |
Principal portion of Home
Loan EMI paid for the Year. |
Stamp Duty & Registration Charges for
purchase of Property |
Deduction for stamp duty and
registration charges paid in the year |
Tuition Fee for maximum 2 children |
Parents can claim the tuition fee paid by them towards their children’s education as education |
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