Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Section 80C allows tax deduction up to ₹1.5 lakh annually on specified investments and expenses under the old income tax regime.
80C lets you reduce taxable income by up to ₹1.5 lakh through PPF, ELSS, life insurance, home loan principal, and similar payments.
Eligible: EPF, PPF, ELSS, NSC, SSY, life insurance premium, tuition fees, home loan principal repayment, NPS employee contribution (within combined limits), etc. Combined cap ₹1.5 lakh across 80C, 80CCC, 80CCD(1). Not available in new regime by default.
Invest ₹50,000 ELSS + ₹60,000 PPF + ₹40,000 home loan principal = ₹1.5 lakh 80C deduction, saving ~₹46,500 tax at 31.2% effective rate.
Employee EPF contribution qualifies for 80C within ₹1.5 lakh overall limit including other investments.
Principal repaid on home loan qualifies. Interest portion claims under Section 24 separately up to limits.
Investment must be from claimant's income. Joint PPF or separate ELSS in each spouse's name allows separate ₹1.5 lakh each.