As a taxpayer, you are entitled to reduce your tax liability by making certain investments during the year. Section 80C is specifically meant for claiming deductions in respect of payments/investments such as contribution to Provident Fund, ULIP, ELSS, life insurance premium, and investments in NSC. The complete list of deductions is given below:
You are entitled to reduce your tax liability by making the following investments and payments:
- Contribution to provident fund
- Life insurance premium for self, spouse or child
- ULIP of UTI
- ULIP of LIC Mutual Fund
- ELSS of MF/UTI
- Annuity Plan of LIC
- Notified Pension Fund
- 10/15 yr CTD account at Post Office
- Deposit Scheme of PSUs Engaged in housing finance
- Deferred annuity
- Approved superannuation fund
- National Savings Certificate (NSC)
- Instalment for purchase/construction of new residential property
- Tuition fee of children
- Investment in public company engaged in infrastructure
- Fixed deposit in bank for tenure of 5 or more years
- Bonds issued by NABARD
