{"id":81,"date":"2015-02-21T00:00:00","date_gmt":"2015-02-20T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T10:45:53","modified_gmt":"2015-12-29T05:15:53","slug":"save-your-income-tax-up-to-rs-45-000-by-investing-in-qualifying-amount-under-section-80c-of-income-tax-act","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/save-your-income-tax-up-to-rs-45-000-by-investing-in-qualifying-amount-under-section-80c-of-income-tax-act\/","title":{"rendered":"Save your income tax up to Rs.45,000 by investing in qualifying amount under section 80C of Income Tax Act"},"content":{"rendered":"<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>What<br \/>\nis deduction?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">The<br \/>\ndeduction is specified amount which the taxpayer can deduct from his Gross<br \/>\nTotal Income. The&nbsp;deduction under section 80C not only encourages savings, but<br \/>\nalso assists the taxpayers in meeting their essential expenditures.<\/p>\n<p><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>Let\u2019s<br \/>\nknow the background of section 80C:<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">&nbsp;Section<br \/>\n80C of the Income Tax Act allows certain investments and expenditure to be tax exempt.<br \/>\nYou can plan your investments well and spread it across the various instruments<br \/>\nspecified under this section to avail maximum tax benefit. <\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">&nbsp;Most<br \/>\nof the Income Tax payers try to save tax by investing under Section 80C of the<br \/>\nIncome Tax Act.&nbsp; However, it is important to know this Section so that one<br \/>\ncan make the&nbsp;best use of the options available for deduction under income tax Act.<strong><\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify\"\"=\"\">&nbsp;<strong><\/strong><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>Point<br \/>\nto note:<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">One<br \/>\nimportant point to note here is that one cannot only save tax by making<br \/>\nspecified investments, but some expenditure which you normally incur can also<br \/>\ngive you the tax exemptions, e.g. educational expenses of children.<\/p>\n<p style=\"text-align:justify\"><strong>&nbsp;<\/strong><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>Who<br \/>\nare eligible to take deduction u\/s 80C?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">The<br \/>\nsaid deduction is available only to any Individual or a Hindu Undivided Family.<strong><\/strong><\/p>\n<p style=\"text-align:justify\"><strong>&nbsp;<\/strong><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>What<br \/>\nare the salient features of section 80C?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">1.&nbsp;&nbsp;&nbsp; Under<br \/>\nthis section, deduction is available from Gross Total Income.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">2.&nbsp;&nbsp;&nbsp; Deduction<br \/>\nis available on the basis of specified qualifying investments, contributions, deposits,<br \/>\npayments (i.e. called as \u201cGross Qualifying Amount\u201d) made by the taxpayer during<br \/>\nthe previous year.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">3.&nbsp;&nbsp;&nbsp; The<br \/>\ngross qualifying amount would be allowed as deduction irrespective of the fact<br \/>\nwhether (or not) such amount is paid or deposited by the taxpayer out of his<br \/>\nincome chargeable to tax.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify\"\"=\"\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><strong>Let\u2019s<br \/>\nknow the qualifying investments to get deduction u\/s 80C:<\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify\"\"=\"\"><strong>&nbsp;<\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">A.&nbsp;&nbsp; <strong>Provident<br \/>\nFund (PF) &amp; Voluntary Provident Fund (VPF):<\/strong> PF<br \/>\nis automatically deducted from your salary. Both you and your employer<br \/>\ncontribute to it. While employer\u2019s contribution is exempt from tax, your<br \/>\ncontribution (i.e., employee\u2019s contribution) is considered for deduction<br \/>\nsection 80C investments. You also have an option to contribute additional<br \/>\namounts through voluntary contributions (VPF).<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">B.&nbsp;&nbsp; <strong>Public<br \/>\nProvident&nbsp;Fund (PPF): <\/strong>Contribution towards public provided fund is the<br \/>\nqualified deduction under section 80C. PPF is established by the central<br \/>\ngovernment. PPF account can open in any nationalized bank. This is long term<br \/>\ninvestment as it is matured after 15 years.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify\"\"=\"\">&nbsp;C.&nbsp;&nbsp; <strong><a href=\"https:\/\/taxclick.org\/type\/income-tax\/how-to-save-tax-under-section-80c-by-paying-life-insurance-premium-----faq\" target=\"_blank\">Life<br \/>\nInsurance Premiums<\/a>:<\/strong> Any amount that you pay towards life<br \/>\ninsurance premium for yourself, your spouse or your children is deductable under<br \/>\nSection 80C. Kindly note that life insurance premium paid by you for your<br \/>\nparents or any other relative (other than spouse and Childers) is not eligible<br \/>\nfor deduction under section 80C. If you are paying premium for more than one<br \/>\ninsurance policy, you can claim deduction of all insurance policies. It is not<br \/>\nnecessary to have the insurance policy from Life Insurance Corporation (LIC), even<br \/>\ninsurance bought from private companies which are <a href=\"https:\/\/taxclick.org\/type\/investment\/list-of-approved-life-insurance-companies-in-india\" target=\"_blank\">approved by IRDA<\/a> is<br \/>\nconsidered for deduction.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">D.&nbsp;&nbsp; <strong>Equity<br \/>\nLinked Savings Scheme (ELSS): <\/strong>There are some diversified&nbsp;equity link mutual fund (MF)<br \/>\nspecially created for offering you tax savings,. The investments that you make<br \/>\nin ELSS are eligible for deduction under Sec 80C. The lock in period for this<br \/>\ninvestment is 3 years. Dividend earn on ELSS is exempt from tax.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">E.&nbsp;&nbsp; <strong>Home<br \/>\nLoan Principal Repayment:<\/strong> The Equated Monthly<br \/>\nInstallment (EMI) that you pay every month to repay your home loan consists<br \/>\nof two components i.e. Principal and Interest. The principal component of the<br \/>\nEMI qualifies for deduction under Sec 80C. For interest component you can save<br \/>\nyour income tax under Section 24 of the Income Tax Act as loss from house<br \/>\nproperty.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">F.&nbsp;&nbsp;&nbsp; <strong>Stamp<br \/>\nDuty and Registration Charges for a home: <\/strong>The<br \/>\namount you pay as stamp duty when you purchase a house property and the amount<br \/>\nyou pay for the registration fees of the house can be claimed as deduction<br \/>\nunder section 80C in the year of purchase of the house.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">G.&nbsp;&nbsp; <strong>National<br \/>\nSavings Certificate (NSC) (VIII Issue): <\/strong>National Savings<br \/>\nCertificate (NSC) is a 5-Yr small savings instrument eligible for section 80C<br \/>\ntax benefit.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">H.&nbsp;&nbsp; <strong>5-Yr<br \/>\nbank fixed deposits (FDs): <\/strong>Tax-saving fixed deposits<br \/>\n(FDs) of scheduled banks with tenure of 5 years are also entitled for <strong>section 80C<\/strong> deduction. The difference between regular FD<br \/>\nand this FD is that you cannot<br \/>\nbreak this Fixed Deposit before 5 years tenure. Interest rates for such<br \/>\na Fixed Deposit are decided by the respective banks. Tax Saving Fixed<br \/>\nDeposit is available only through the banks. Company Fixed Deposits are not<br \/>\neligible for tax savings through Section 80C. Loan or overdraft facility<br \/>\nin such a Fixed Deposit is not allowed. The interest earned out of such<br \/>\na Fixed Deposit is fully taxable on an accrual basis.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <strong>5-Yr<br \/>\npost office time deposit (POTD) scheme:<\/strong> POTDs are similar to<br \/>\nbank fixed deposits. Although available for varying time duration like one<br \/>\nyear, two year, three year and five year, only 5-Yr post-office time deposit<br \/>\n(POTD) \u2013 which currently offers 8.40 per cent rate of interest \u2013qualifies for<br \/>\ntax saving under <strong>section 80C<\/strong>.<br \/>\nInterest is compounded quarterly but paid annually. The Interest is entirely<br \/>\ntaxable.<strong><\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">J.&nbsp;&nbsp;&nbsp; <strong>NABARD<br \/>\nrural bonds:<\/strong>Investment<br \/>\nin rural bonds issued by NABARD qualifies for deduction under section 80C.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">K.&nbsp;&nbsp; <strong>Unit<br \/>\nlinked Insurance Plan:<\/strong> Unit linked Saving Schemes. ULIPs cover<br \/>\nLife insurance with benefits of equity investments. They have attracted the<br \/>\nattention of investors and tax-savers not only because they save the tax but<br \/>\nthey also perform well to gives good returns in the long-term.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\"><strong>L.&nbsp;&nbsp;&nbsp;<br \/>\n<\/strong><strong>Tuition \/ school fees paid<br \/>\nfor education of children:<\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; <strong>Who<br \/>\nis Eligible<\/strong>: Deduction for tuition fees u\/s. 80C of the<br \/>\nIncome Tax Act 1961 is available to Individual Assessee and is not available to<br \/>\nHUF.<strong><\/strong><\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; Deduction<br \/>\nunder this section is available on payment basis. Fees may be related to any<br \/>\nperiod. For example feed paid for April 2015 if Paid in March 2015 will be<br \/>\neligible for deduction u\/s. 80C in A.Y. 2015-16.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; The<br \/>\ndeduction is available for Full Time courses only.&nbsp;&nbsp; No deduction is<br \/>\navailable for part time or distance learning courses.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; The<br \/>\nfees should be paid to university, college, school or other educational<br \/>\ninstitution. No deduction available for fees paid for private tuition\u2019s, coaching<br \/>\ncourses for admission in professional courses or any other type of courses are<br \/>\nnot covered as that fee is not paid for FULL time education.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; University,<br \/>\ncollege, school or other educational institution must be situated in India<br \/>\nthough it can be affiliated to any foreign institutes.<\/p>\n<p style=\"text-align: justify;\" margin-left:1.0in;text-align:justify;text-indent:-.25in\"=\"\">\u00a7&nbsp; Pre-nursery,<br \/>\nplay school and nursery class fees is also covered under section 80C.<\/p>\n<p style=\"text-align:justify\">&nbsp;&nbsp;<\/p>\n<p style=\"text-align:justify\"><strong>Must know:<\/strong><\/p>\n<p style=\"text-align:justify\"><strong>&nbsp;<\/strong><strong>Not allowable Expenses:-<\/strong><\/p>\n<p style=\"text-align:justify\">1. &nbsp;Development fees<br \/>\nor donation not eligible.<strong><\/strong><\/p>\n<p style=\"text-align:justify\">2.<br \/>\nTransport charges, hostel charges, Mess charges, library fees incurred<br \/>\nfor education are not allowed.<\/p>\n<p style=\"text-align:justify\">3.<br \/>\nLate fees are not eligible for<br \/>\ndeduction.<\/p>\n<p style=\"text-align:justify\">4.<br \/>\n&nbsp;No deduction for part time or distance<br \/>\nlearning courses.<\/p>\n<p style=\"text-align:justify\">6.<br \/>\nNo deduction for private tuition fees.<\/p>\n<p style=\"text-align:justify\">7.<br \/>\nBuilding fund or any donation etc. not allowed for deduction.<\/p>\n<p><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>For how many children, the deduction<br \/>\nis available?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">\u00d8&nbsp;<br \/>\nDeduction<br \/>\nunder this section is available for tuition fees paid on two children\u2019s<br \/>\neducation. If Assessee has more than two children then he can claim tuition<br \/>\nfees paid of only two children\u2019s. The Deduction is available for any two<br \/>\nchildren.<\/p>\n<p style=\"text-align:justify\">\u00d8&nbsp;<br \/>\nHere<br \/>\nwe would like to mention that husband and wife both have a separate limit of<br \/>\ntwo children each, so practically, they can claim deduction for 2 children<br \/>\neach, thereby covering a maximum of four children in a family.<\/p>\n<p style=\"text-align:justify\"><strong>Important Note:<\/strong><\/p>\n<p style=\"text-align:justify\">The<br \/>\ndeduction is based&nbsp;on payment, so it is available to the parent who has made<br \/>\nthe payment.<\/p>\n<p><\/p>\n<ul>\n<li><strong>Whether expenses paid<br \/>\nfor self-education or education of spouse is allowed as deduction u\/s 80C?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">No.<br \/>\nTaxpayer cannot claim tax benefit for educational expenditure incurred for self<br \/>\nor spouse. <\/p>\n<p><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>What is the maximum limit for<br \/>\ndeduction u\/s 80C?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">The maximum amount deductible<br \/>\nis Rs. 150,000 from the assessment year 2015-16. (Earlier it was Rs.1, 00,000) <\/p>\n<p><\/p>\n<ul>\n<li>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>How much is the possible&nbsp;maximum tax saving under section<br \/>\n80C?<\/strong><\/li>\n<\/ul>\n<p><\/p>\n<p style=\"text-align:justify\">\u00d8&nbsp;<br \/>\nSec<br \/>\n80C of the Income Tax Act states that qualifying investments, up to a maximum<br \/>\nof Rs. 1.50 Lakh, which&nbsp;are deductible from your income. This means that your income<br \/>\ngets reduced by this investment amount (up to Rs. 1.50 Lakh).<\/p>\n<p style=\"text-align:justify\">\u00d8&nbsp;<br \/>\nThis<br \/>\nbenefit is available to everyone, irrespective of their income levels. Thus, if<br \/>\nyou are in the highest <a href=\"https:\/\/taxclick.org\/type\/income-tax\/income-tax-rate-for-financial-year-2014-2015\" target=\"_blank\">tax slab <\/a>of 30%, and you invest the full Rs. 1.50<br \/>\nLakh, you save tax of Rs. 45,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;What is deduction? The deduction is specified amount which the taxpayer can deduct from his Gross Total Income. The&nbsp;deduction under section 80C not only encourages savings, but also assists the taxpayers in meeting their essential expenditures. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Let\u2019s know the background of section 80C: &nbsp;Most of the Income &#8230; <a title=\"Save your income tax up to Rs.45,000 by investing in qualifying amount under section 80C of Income Tax Act\" class=\"read-more\" href=\"https:\/\/taxclick.org\/type\/income-tax\/save-your-income-tax-up-to-rs-45-000-by-investing-in-qualifying-amount-under-section-80c-of-income-tax-act\/\" aria-label=\"More on Save your income tax up to Rs.45,000 by investing in qualifying amount under section 80C of Income Tax Act\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[43],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Save your income tax up to Rs.45,000 by investing in qualifying amount under section 80C of Income Tax Act - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/save-your-income-tax-up-to-rs-45-000-by-investing-in-qualifying-amount-under-section-80c-of-income-tax-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Save your income tax up to Rs.45,000 by investing in qualifying amount under section 80C of Income Tax Act - All About Finance\" \/>\n<meta property=\"og:description\" content=\"&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;What is deduction? The deduction is specified amount which the taxpayer can deduct from his Gross Total Income. The&nbsp;deduction under section 80C not only encourages savings, but also assists the taxpayers in meeting their essential expenditures. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Let\u2019s know the background of section 80C: &nbsp;Most of the Income ... 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