Section 80C of the Income Tax Act allows deduction up to Rs.1.5 lakh per year. Eligible investments and payments: ELSS mutual funds (3-year lock-in), PPF contribution, LIC premium, EPF employee contribution, NSC, 5-year bank FD, home loan principal repayment, children tuition fees, Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme. Section 80CCC (pension plans) and 80CCD(1) (NPS) also count within the Rs.1.5 lakh overall limit. Section 80CCD(1B) provides additional Rs.50,000 for NPS over and above Rs.1.5 lakh.
Visit TaxFinGyaan.com to use this free tool — no login required, all calculations are private and instant.