Maximize Your Tax Savings: Unlocking the Door with Section 80C!
- Employee Provident Fund (EPF):
- Contributions to EPF are eligible for tax deductions under Section 80C.
- Public Provident Fund (PPF):
- Investments in PPF accounts qualify for tax deductions under Section 80C.
- Interest earned and maturity amount from PPF are tax-free.
- Equity Linked Savings Schemes (ELSS):
- ELSS mutual funds offer tax deductions under Section 80C.
- ELSS provides exposure to both equity and debt markets.
- Life Insurance Premiums:
- Opting for life insurance policies for self, spouse, and children offers tax benefits on premiums paid.
- Maturity amounts from insurance policies are tax-exempt.
- Sukanya Samriddhi Yojana (SSY):
- Investments in SSY accounts for the girl child qualify for tax deductions under Section 80C.
- 5-Year Fixed Deposits (FDs):
- Investments in 5-year tax-saving fixed deposits with banks are eligible for tax deductions under Section 80C.
- Tuition Fees:
- Tuition fees paid for the education of up to two children are eligible for tax deductions under Section 80C.
- Principal Repayment of Housing Loan:
- The principal repayment part of the home loan EMI qualifies for tax deductions under Section 80C.
Important Note:
- The total tax deductions under Section 80C cannot exceed Rs. 1,50,000 in a financial year.
- Consult a tax advisor or financial planner to optimize tax-saving investments based on your financial goals and risk tolerance.
Please follow and like us:
