Paragraph match score 78.8%
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National Pension Scheme (NPS)
The aggregate amount of deductions under section 80C, section 80CCC and 80CCD (1) shall not, in any case, exceed ₹ 1.5 lakhs.
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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.