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Section 80C: Meaning & Deductions under Section 80C
Section 80C of the Income Tax Act allows individuals to claim deductions of up to ₹1.5 lakh annually on investments.
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How will the Income Tax act of 1961 help you to save tax?
The sections 80C, 80CCC, and 80CCD(1) allow every individual a deduction up to ₹ 1,50,000 (which was 1 lakh till FY 2014-15) in a fiscal year. These sections allow you to invest in a wide range of investment options, starting from simple life insurance to hybrid ULIP , even pension plans, among others. You can easily save money by investing in any of these financial instruments.