- Individual
Taxpayers: Resident individuals, whether salaried, self-employed, or
professionals, are eligible to claim deductions under Section 80C.
- Hindu
Undivided Families (HUFs): HUFs, which are separate tax entities
consisting of family members, can also avail of the benefits under Section
80C.
- Investments
and Expenses: The following are some of the eligible investments and
expenses that qualify for deductions under Section 80C:
a. Life Insurance Premiums: Premiums paid towards life
insurance policies for self, spouse, and children are eligible for deduction.
b. Public Provident Fund (PPF): Contributions made to PPF
accounts in the name of the taxpayer or family members are eligible for
deduction.
c. Employee Provident Fund (EPF): Contributions made by
salaried employees to EPF through their employers qualify for deduction.
d. Equity-Linked Saving Schemes (ELSS): Investments made in
ELSS mutual funds, which are tax-saving mutual funds with a lock-in period of
three years, are eligible for deduction.
e. National Savings Certificate (NSC): Investments in NSC
are eligible for deduction.
f. Senior Citizens Savings Scheme (SCSS): Investments in
SCSS are eligible for deduction for individuals aged 60 years or above.
g. Tax-saving Fixed Deposits: Investments made in tax-saving
fixed deposits with specified banks are eligible for deduction.
h. Tuition Fees: Deduction can be claimed on tuition fees
paid for up to two children for their education in any school, college,
university, or educational institution within India.
- Aggregate
Limit: The maximum deduction that can be claimed under Section 80C is Rs.
1.5 lakh per financial year. This means the total amount of investments
and expenses eligible for deduction cannot exceed this limit.
It's important to note that the deductions under Section 80C
are subject to specific terms and conditions, and not all investments and
expenses are eligible for the deduction. Additionally, taxpayers should ensure
that they meet the necessary requirements and provide appropriate documentary
evidence to claim the deductions while filing their income tax returns.
[Note: This is not lic orginal website.This is the only thing to shear information about lic]
Comments
Post a Comment
Thank you for your comment