All You Need To Know About Income Tax Benefit Under Section 80C

Income tax assessees can reduce their taxable income by Rs 1.5 lakh a year under Section 80 of the Income Tax Act. This deduction, available to individuals or members of Hindu Undivided Families (HUFs), can be claimed against investment in life insurance policies, contributions towards provident fund and subscription to equities under the ELSS or Equity-Linked Saving Scheme. Eligible assessees can claim tax benefit of up to Rs 1.5 la...