Tax deductions provide a means for individuals to reduce their tax burden. Among the various tax-saving options, most individuals prefer to claim tax deduction under Section 80C of the Income Tax Act, 1961. Section 80C allows individuals and HUFs to claim tax deduction of up to Rs. 1,50,000 from their gross total income for certain investments and payments.
Eligible Deductions Under Section 80C
The following investments and payments are eligible for deduction under Section 80C of the Income Tax Act, 1961:
Subsections of Section 80C
Section 80C of the Income Tax Act has certain sub sections. They are: