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Section 80C of Income Tax Act

Under Section 80C of the Income Tax Act, the Government provides tax relief (i.e. subtracts the investment from income for the year, thereby reducing tax outflow) on investments made in certain schemes and certain expenses incurred by you for long term benefits. This is subject to a maximum of Rs 1 lakh a year and includes:

  • Provident Fund (PF)
  • Public Provident Fund (PPF)
  • Tax Saving Mutual Funds (ELSS)
  • Unit Linked Insurance Plans (ULIPs)
  • National Savings Certificate (NSC)
  • Post Office Time Deposits
  • 5 year Scheduled Bank Fixed Deposits
  • Tuition fee
  • Home loan principal repayment

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