Exemption under Section 80C:
21-04-2022 12:22:23
The total deduction allowed under this section is INR 150000 (including 80CCC and 80CCD (1)). This section deals with investments, savings and some expenditure that can avail deductions on income tax. Some of those are –
1.Payment of premium towards life insurance
2.Payment of premium or subscription for deferred annuity for self or immediate family
3.Payment of premium (deducted from salary paid to government employee, limited to 20% of salary) or subscription for deferred annuity for self or immediate family
4.Contribution towards Employee’s Provident Fund Scheme
5.Contribution towards Public Provident Fund
6.Contribution towards any recognised provident fund
7.Investments done through deposits of 10 years or 15 years with Post Office Savings Bank
8.Investments done as subscription to recognised securities or deposits scheme (e.g. – National Savings Scheme)
9.Investments done as subscription to any notified savings certificate, Unit Linked Savings Certificate (e.g. – NSC VIII)
10.Investments done as subscription to ULIPs (Unit Linked Insurance Plans) of any Mutual Fund
11.Contribution towards fund set up by the National Housing Scheme
12.Payments towards principal of any housing loan
13.Payments made towards the tuition fees of any two children’s full time education in institutes based in India
