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July 9, 2022

Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returns

by CA Shivam Jaiswal in Income Tax

Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returns

Taxpayers do share so no one miss to take tax saving benefits this year and also plan for coming year

1. ELSS : ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C. Returns 12 to 15% Lock in 3 years

2. NPS: National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. Returns 8 to 10% Lock in Till age 60

3. ULIP: ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. Returns 7to 8 % Lock in 5 years

4.Tax saving FD : many banks offer a five-year FD scheme that is meant for tax saving. One can claim an income tax deduction by investing money in a five-year FD scheme. Returns 5 to 6% Lock in 5 years

5. PPF : Public Provident Fund (PPF) is a retirement savings scheme with the aim of providing a secure post-retirement life to everyone. The minimum deposit you must make in the account per financial year is Rs. 500 and it can go up to Rs. 1.5 lakh. Returns 7.1 % Lock in 5 years

6. Senior citizen savings scheme : The Senior Citizens’ Savings Scheme (SCSS) is a government scheme that helps seniors save money for retirement and receive quarterly interest paymentsReturns 7.4% Lock in 5 years

7. NSC : National savings and investment is a government backed form of savings account, meaning that they offer a secure way to store your money. Returns 6.8% Lock in 5 years

8. Sukanya Samriddhi Scheme :  Your contributions towards the Sukanya Samriddhi Yojana for your daughter’s future are eligible for tax deductions. Returns 7.6% Lock in Till girl child reaches 21 years of age

9. Life Insurance : Premium payments made towards Life insurance policies. Low Returns but Risk Cover

10. EPF : Employees’ Provident Fund is a retirement benefit scheme maintained by the Employees’ Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance.

  1. Five-Year Post Office Time Deposit : Income tax benefits are available only for a 5-year post office time deposit account. Returns 6.7% Lock in 5 years
  2. Tuition fees paid  for children’s education : For up to 2 children, tuition fees paid in the entire academic year per child are tax-deductible. Paid to any university, college, school or other educational institution situated within India

13. Repayment of the principal amount of a home loan : An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan

14. Stamp Duty and Registration Charges paid for House Property: Stamp duty and registration charges and other expenses which are directly related to the transfer are allowed as a deduction

15. Deferred annuity :  Annuity plan contribution made on on the life of persons, or contract for such annuity plan of the Life Insurance Corporation

16. Superannuation fund : A contribution by an employee to an approved superannuation fund

17. Pension Fund : Contribution to a pension fund set up by any Mutual Fund

18. National Housing Bank: Subscription to any such deposit scheme of, or as a contribution to any such pension fund set up by, the National Housing Bank

19. Approved IPO Government : Contribution or subscription to equity shares or debentures forming part of any eligible issue of capital approved by the Government and Notified

20. Bonds : Bonds issued by the National Bank for Agriculture and Rural Development

21. Pension Scheme for Govt Employee : Employee of the Central Government, as a contribution to a specified account of the pension scheme

22. Infrastructure bonds: Infra bonds as they are commonly called, Infrastructure bonds are issued not by the government but by infrastructure companies

23. NABARD Rural Bonds: NABARD, or the National Bank for Agriculture and Rural Development, offers two kinds of bonds, viz. Bhavishya Nirman Bonds and NABARD Rural Bonds.

24. Any other Funds Approved by Govt and Notified : There are many other Pension Fund / Bonds / Govt Company who can issue scripts which qualify for 80C

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