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20.9%First documentSection 80C of Income Tax Act: Deductions & Tax Benefits in IndiaOpen original ↗
Second documentTax Saving Plans & Best Tax Saving Schemes in India FY 2026-27Open original ↗
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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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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
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.
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.
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)
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.
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
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.
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.
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.
Glossary
Section 80C: Allows deductions up to ₹1.5 lakh annually on certain investments and expenses. 80CCD(1B): Extra ₹50,000 deduction for NPS contributions beyond the 80C limit.
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.