Deduction under section 80C:Under this section, a deduction of up to Rs. 1,00,000 is allowed from taxable income.
Some specified investment schemes u/s 80C and u/s 80CCC(1)
1. Life Insurance Premiums.
2. Contribution to Employees Provident Fund/GPF.
3. Public Provident Fund(maximum rs. 70,000 in a year).
4. NSC(National Savings Certificates).
5. Unit Linked Insurance Plan(ULIP).
6. Repayment of Hosing Loan(Principal).
7. Equity Linked Savings Scheme(ELSS) of Mutual Funds.
8. Tuition Fees including admission fees of college fees paid for full-time education of any two children of the asses-see.
9. Infrastructure Bonds issued by IDBI,ICICI,REC,PFC etc.
10. Pension scheme of LIC of India or any other Insurance Company.
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