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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Popular Searches

How to File Income Tax? Section 80C Tax Benefits Old vs New Tax Regime LTCG Tax on Investments Tax Saving Options for Salaried Income Tax Rebate under 87A

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How to File Income Tax? Section 80C Tax Benefits Old vs New Tax Regime LTCG Tax on Investments Tax Saving Options for Salaried Income Tax Rebate under 87A

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Tax Savings - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Second paragraph61 words

Tax Savings - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Tax Planning Income Tax Calculator TDS Vs TCS Section 80C What Is ITR Tax Concepts Section 80D Section 24 80DDB What is MAT? ITR-3 Form

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Tax Planning Income Tax Calculator TDS Vs TCS Section 80C What Is ITR Tax Concepts Section 80D Section 24 80DDB What is MAT? ITR-3 Form

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Term Insurance Tax Benefit TDS for Professional Fees Income Tax Slab FY 2025-26 HRA Calculator TDS on Rent What is Income Tax Return? Income Tax for NRI

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Term Insurance Tax Benefit TDS for Professional Fees Income Tax Slab FY 2025-26 HRA Calculator TDS on Rent What is Income Tax Return? Income Tax for NRI

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Income Tax Investments Under Section 80C

For those wondering what is Section 80C-, it is a provision under the Income Tax Act 1961 that allows a tax deduction of up to ₹ 1.5 lakh on eligible investments.

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What is Section 80C?

Section 80C allows deductions on certain investments up to ₹1.5 lakhs per annum from your total taxable income. This section is especially popular among taxpayers as it allows for deductions from gross total income. You can invest your savings in the Section 80C eligible options or spend money on eligible expenses to avail of the deductions. The deduction under Section 80C will reduce your gross total income or taxable income. Thus, you can save tax every year based on the investments and expenses in this section.

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Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a small savings scheme, backed and promoted by the Government of India. As a parent or legal guardian of a girl child below the age of 10, you can open a Suknya Sammriddhi Account in a post office or authorised bank in the name of the child.

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Deductions on Investment under Section 80C List

Amount invested in Sukanya Samriddhi Yojana (SSY): Investments made towards the Sukanya Samriddhi Yojana are eligible for deductions under Section 80C of the Income Tax Act. The Sukanya Samriddhi Yojana is a savings account scheme which can be opened in the name of a girl child till she reaches the age of 10. An account can be opened for no more than two girls (three in case the first two are twins). With the SSY, one can avail high interest rates of up to 8.5%.

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Income Tax Saving Investments for Single-Income Couples

Invest in National Pension Scheme (NPS) to save an additional ₹ 50,000. You can also claim a deduction under 80C for your child’s tuition fee.

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Did You Know?

If you're paying tuition fees for your children’s education, you can claim up to ₹1.5 lakh as a deduction under Section 80C. Source: Outlook Business

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How to Save Tax with Saving Plans?

Section 80C, 80CCC and 80CCD(1) allow an aggregate deduction upto ₹ 1.5 lakh per financial year on eligible investments. These sections cover a wide variety of investment options, ranging from a simple life insurance plan to a hybrid ULIP among others.

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Key Takeaways

Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh per financial year on eligible investments and expenses. The deduction limit under Section 80C includes contributions to EPF, PPF, life insurance premiums, and children's tuition fees.

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National Pension Scheme (NPS)

Employer’s contribution of up to 10% of salary (Basic Salary +DA) to your NPS account is exempt from your taxable income under section 80CCD (2). As per the Union Budget 2020, the amount of employer contribution to PF, NPS and superannuation fund in aggregate has been proposed to cap up to ₹ 7.5 lakh.

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NPS Deduction Example:

Deduction of Additional Rs 50,000 [80CCD(1B)] Employee Self-Contribution: Additional contribution over (10% of Basic + DA) Self-Employed: Additional contribution over (20% of gross annual income) Employer’s tax-exempt contribution to employees NPS [80CCD(2)]: 10% of Basic +DA (matching employee up to this limit only)