{"id":23341,"date":"2023-04-26T13:39:56","date_gmt":"2023-04-26T08:09:56","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=23341"},"modified":"2023-05-02T13:41:40","modified_gmt":"2023-05-02T08:11:40","slug":"how-to-save-tax-under-it-section-80-c","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/how-to-save-tax-under-it-section-80-c\/","title":{"rendered":"How to save tax under IT Section 80 C?"},"content":{"rendered":"<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/V7EfuZoqmHI\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<p>Deductions under 80C are one of the most popular among taxpayers. 80C allows you to reduce your taxable income by making tax-saving investments or paying toward some eligible expenses. Maximum deduction under section 80C is capped at 1.50 Lakh in a financial year.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>Today we will\u00a0 look at some of the most common eligible deductions available under section 80C to help you save tax:<\/p>\n<div class=\"embed-container\">\n<p>&nbsp;<\/p>\n<p><strong>1. Public Provident Fund:<\/strong> or \u201cPPF\u201d is a long-term investment scheme with a minimum tenure of 15 years and offers an interest rate of 7.1%. The interest earned on PPF is also exempt from Income Tax. One can invest in PPF through any scheduled commercial bank or a post office.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"aligncenter wp-image-22082\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/03\/FD-Banner-01-03-300x76.jpg\" alt=\"\" width=\"640\" height=\"161\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/03\/FD-Banner-01-03-300x76.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/03\/FD-Banner-01-03-150x38.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/03\/FD-Banner-01-03.jpg 600w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<div class=\"embed-container\">\n<p>&nbsp;<\/p>\n<p><strong>2.<\/strong> <strong>Equity Linked Saving Scheme or ELSS<\/strong> is a type of equity mutual fund with a lock-in period of 3 years. Because it has a lower lock-in period and better odds of earning a better return, ELSS is one of the most preferred investments for tax deduction under 80C.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3.<\/strong> <strong>Life Insurance Premium:<\/strong> Any life insurance or ULIP premium paid during the year can be claimed ****for tax deduction under 80C.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. Employee Provident Fund:<\/strong> Employee contributions to the EPF are deductible under Section 80C, whereas employer contributions to the EPF are tax-free but not deductible under Section 80C.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>5. Sukanya Smriddhi Yojana<\/strong> is a government-sponsored program developed to benefit girl children under the initiative \u201cBeti Bachao \u2013 Beti Padhao\u201d. Parents of girls younger than ten years old can invest in it. The account matures after 21 years or in the event of the marriage of the girl child after she gains the age of 18. Sukanya Samriddhi Scheme returns are exempt from tax.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>6. Senior Citizen Saving Scheme:<\/strong> The senior-citizen savings scheme is a government-guaranteed savings programme with a 5-year term that can be extended for an additional three years.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>7. Fixed Deposit for 5 years:<\/strong> Fixed deposits at banks and post offices with a tenure of five years are tax deductible.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>8. National Pension Scheme.<\/strong> Both employee and employer\u2019s contribution to NPS is deductible under section 80C, provided that the employer\u2019s payments cannot be greater than 10% of your base wage plus the dearness allowance. Self-employed individuals can also benefit from this benefit by contributing up to 20% of their gross income. In addition, above and beyond the \u20b9 1.5 lakhs under Section 80C, voluntary donations to the NPS up to \u20b9 50,000 are exempt. These free-will donations are exempt from taxation under Section 80CCD (1B).<\/p>\n<p>&nbsp;<\/p>\n<p><strong>9. Expenses Available for Deduction:<\/strong> Principal Amount Paid Towards Home Loan, Stamp Duty, Registration Charges for purchase of property, and Tuition fees paid for up to two children at any school, college or institution are some expenses that are also available for deduction under section 80C.<\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"embed-container\">\n<p><em>Interested in how we think about the markets?<\/em><\/p>\n<\/div>\n<\/div>\n<p><strong>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\">Zen And The Art Of Investing<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Watch here:<\/strong> All about multi cap funds with Rahul Singh, CIO &#8211; equities, <a href=\"https:\/\/kuvera.in\/amc\/tata\">Tata Asset Management<\/a><\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/eAR85KAcF0U\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and start investing today. #MutualFundSahiHai #KuveraSabseSahiHai<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Deductions under 80C are one of the most popular among taxpayers. 80C allows you to reduce your taxable income by making tax-saving investments or paying toward some eligible expenses. Maximum deduction under section 80C is capped at 1.50 Lakh in a financial year. &nbsp; Today we will\u00a0 look at some of the most common [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-tax-under-it-section-80-c\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":23344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,236,590],"tags":[74,1530,1437,1980,304],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to save tax under IT Section 80 C?<\/title>\n<meta name=\"description\" content=\"How can you save tax up to the maximum limit of 1.5 lakhs allowed under the section 80 C? 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