Section 80C
Also known as: 80C deduction, Tax saving investments
Tax deduction provision allowing up to ₹1.5 lakh deduction for specified investments and expenses.
Detailed Explanation
Section 80C of the Income Tax Act provides deduction from taxable income for investments in specified instruments like PPF, EPF, ELSS, life insurance premiums, NSC, and certain expenses like tuition fees and home loan principal repayment. The maximum deduction allowed is ₹1.5 lakhs per financial year.
Related Calculators
Related Terms
PPF
Public Provident Fund - 15-year tax-free investment scheme with EEE tax status.
ELSS
Equity Linked Savings Scheme - Tax-saving mutual funds with 3-year lock-in period under Section 80C.
NSC
National Savings Certificate - 5-year government savings scheme with tax benefits under Section 80C.
EPF
Employees' Provident Fund - Mandatory retirement savings with employer matching contribution.