Have You Fully Utilised Section 80C Income Tax Benefit? Here Are Key Things To Know

Have You Fully Utilised Section 80C Income Tax Benefit? Here Are Key Things To Know
Section 80C benefits: A reduction of Rs 1.5 lakh in gross income (for income tax calculation) is allowed
income tax benefitlife insurance policyELSSTotal tax benefit under Section 80CSenior Citizens Savings Scheme (SCSS)Interest rates paid by top banks on FD up to Rs 1 crore

Here are key income tax benefits available to income tax assessees under Section 80C of the Income Tax Act:

Life insurance premiumtax benefit under Section 80Cincome tax lawsFive-year tax-saving FDfive-year tax-saving FDPublic Provident Fund (PPF)Public Provident Fund (PPF)Key things to know about partial PPF withdrawalEquity-Linked Saving Scheme (ELSS)Know the difference between SIP and ELSSSmall savings scheme Sukanya SamriddhiAll you need to know about Sukanya Samriddhi accountRepayment of home loan principalrepayment of home loanHow to prioritise investments for claiming income tax benefit under Section 80C
  • Employee contribution to a recognised provident fund/approved superannuation fund
  • Life insurance premium paid for self and family members
  • Repayment of loan taken from a specified person for purchase of property
  • Tuition fees paid to a university, college, school etc. (for up to two children)
  • Tax-saver mutual fund with a lock-in period of three years or more
  • Term deposit (FD) of not less than five years with a scheduled bank
  • Stamp duty, registration fee and other expenses incurred for purchase of property
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