80 C Exemptions.

Post date: Jun 4, 2013 8:57:51 AM

Deductions allowed under I.T. Section 80C listed here :

Section 80C of the Income Tax Act allows certain investments and expenditure to be exempted from Tax. The total limit under this section is Rs. 1,00,000 which can be any combination of the below:

• Life Insurance premiums payment

• Investment in PENSION Plans.

• Tax Saving ULIP’s – Unit Linked Insurance Plans

• (ELSS) Investment in Equity Linked Savings schemes– Mutual Funds

• PF - (max. of 12% of basic salary)

• PPF - (maximum of Rs.70,000 per fin. Year)

• Investment in specified government infrastructure bonds

• NSC - National Savings Certificates

• KVP – Kisan Vikas Patra

• Principal repayment of housing loans. Also any registration fee or stamp duty paid.

• Payments towards tuition fees for children to any school or college or university or similar institution. (Only for 2 children) or towards coaching fee of various competitive exams.

NOTE: From 01.04 2010, an additional limit of Rs.20,000 is included in 80C under infrastructure bonds.

For Income Tax Exemptions other than Sec.80C CLICK

Regular Income Tax Relief through LIC Savings Schemes