Deduction Under Section 80c of the Income Tax, Limit in India
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Section 80C Deductions as per Income Tax Act, 1961

Section 80C Deductions as per Income Tax Act, 1961
  • 16th Feb 2018 |
  • 68,723

You must have heard about investing in certain financial instruments to reduce your taxable income. But are you aware about them? Not only are these instruments useful in claiming income tax deductions but they also help in creating wealth for the long term.

Let’s understand what is Section 80C and its deduction list along with section 80C limit and go through different financial instruments that fall under Section 80C.

What is Section 80C of Income Tax Act, 1961?

Section 80C of Income Tax Act, 1961 allows individuals and Hindu Undivided Families (HUF) to reduce taxable income by making tax-saving investments and/or incurring expenses eligible for tax deductions.

You can invest up to ₹1,50,000 under section 80C. Individuals seeking deductions under this provision can also engage in various market schemes and claim deductions on the portion of their earnings taxed under the act.

The benefits under Section 80C pertain to the provisions for tax deductions on various payments. Eligible earners and taxpayers can claim up to ₹1.5 lakh in deductions each year, which is a mix of some of the deductions available under Sections 80C, 80CCC, and 80CCD.

Eligible deductions under Section 80C

Taxpayers spend a large amount of time and effort every fiscal year researching and finding strategies to invest in order to save money on taxes. The planning and research phase can be quite intimidating given the complexities of these different schemes and financial jargon.

If you are someone who finds themselves financially–challenged but still wants to save tax, this article can help you in making the right decision.

You can be worry-free if you are a salaried employee, since you can get good tax benefits under Section 80C. From Public Provident Fund to ELSS and Life Insurance premiums, you can get up to INR 1,50,000 tax deduction every year.

Tax-saving schemes and initiatives that can provide individuals or HUFs with tax benefits are included in the Section 80C deduction list. Before delving into the 80C deduction list, it’s a good idea to familiarise yourself with various tax deductions. Section 80C deduction list can be classified into two categories:

  • An individual’s investment activities
  • You put your money in a fund or scheme for some time, then get it back with additional interest and advantages.

  • An individual’s spending activities

You put your money into the Section 80C investment list.

To avail yourself of the deductions under section 80C, there are numerous schemes you can opt for. Listing here a few of them:

1. Public Provident Fund (PPF)

Section 80C of Income Tax Act of 1961 allows for tax deductions on PPF contributions made each year. Public Provident Fund or PPF is a Government-backed scheme that gives you good returns. You can invest a minimum of ₹500 and a maximum of ₹1,50,000 every year under this scheme. It has a lock-in period of 15 years. You can claim this investment under Section 80C.

PPF is an Exempt-Exempt-Exempt (EEE) type of an investment. It means that your interest, premium and returns all are exempted from taxes.

To claim PPF investments as deductions under Section 80C, you must submit the details of your PPF investments for the previous year in your income tax returns. There is a place for exemptions under 80C, where you can enter the amount you invested and any supporting papers to claim deductions.

2. Life Insurance Premiums

Securing your family with term insurance plan can be one way to take the right step towards protecting your family’s financial future after you. But did you know that the premiums that go towards these life insurance policies also help you save tax? Yes, life insurance premiums can be claimed under section 80C deduction list.

Life insurance policies, be it for yourself, your children or your spouse, you can enjoy tax benefits. You can also choose to invest in term insurance that helps you protect your loved ones’ financial future plus save taxes. You will not be eligible for such a reward if you pay premiums for your parents or parents-in-law. However, if you have more than one policy, Section 80C of Income Tax Act allows you to claim tax benefits on all of them up to a total of ₹1.5 lakh.

If you’re a HUF, you’ll be able to deduct the cost of the premium from your taxable income. In addition, purchasing life insurance can help you save money on your taxes under Section 80C, as it lowers your tax bill.

3. Unit-Linked Insurance Plans

Unit-linked insurance plans provide both life insurance and investment benefits. They also give an income tax advantage under Section 80C on the amount invested. Tax-deduction benefits are available up to 10% of the sum guaranteed or annual premiums, whichever is smaller. In addition, ULIPs give you the flexibility to maximize your investments by allowing you to choose from a number of market-linked fund options. You can use ULIP calculator to estimate how much insurance coverage will be enough for your loved ones and how much you will have to pay for it.

4. Equity-Linked Savings Scheme (ELSS)

ELSS or Equity-Linked Savings Scheme, the only mutual fund category that qualifies for tax deductions, is a diversified equity mutual fund with a lock-in period of 3 years. Short lock-in period and professional fund management help you accumulate wealth efficiently. It gives you tax-saving benefits with long-term returns.

In addition, the lock-in period lessens the impact of lows in the stock market and compounds the money invested. By investing in ELSS, exempt from taxation under Section 80C of Income Tax Act of 1961, you can save up to ₹46,800 (tax deductions of up to ₹1,50,000) annually. Any additional sum exceeding ₹1.5 lakh will disqualify you from Section 80C’s tax benefits even if you are allowed to invest more than this cap. The dividend distribution tax (DDT) and capital gains taxes must be paid on ELSS returns (LTCG).

5. Employees’ Provident Fund (EPF)

A retirement benefit program, EPF is accessible to all salaried workers. A tax-exempt monthly portion of your salary is accumulated in your EPF account. Since interest over a specific threshold is taxed, interest earned on the corpus should be kept in check. Employers deduct this amount (12%) from the base salary plus dearness allowance (DA) and deposit it in the EPF or another recognized provident fund. Anyone who earns a basic salary of more than ₹15,000 per month is eligible to register an EPF account. One may withdraw their PF balance if they have been unemployed for two months without returning to work for an employer covered by the PF Act.

After five years of continuous service, the whole PF balance (including interest) can be withdrawn without incurring taxes. The interest gained on excess EPF/VPF contributions is taxable if they exceed ₹2.5 lakh in any given year. However, the cap is doubled to ₹5 lakhs in cases when the employer has not contributed to the fund (i.e. for government employees).

6. Fixed Deposit

Bank fixed deposits come with a 5-year lock-in period during which early withdrawal is not permitted, although they are still eligible for deductions under Section 80C. The five-year fixed deposit’s interest is taxable and ineligible for tax-saving advantages. Section 80C provides a tax deduction for investments up to ₹1.5 lakh. It can be opened by Indian residents who can take advantage of an interest rate that varies between banks and ranges from 5.5 percent to 7.75 percent. The minimum investment amount for FDs is ₹1,000, and all interest income from FD investments is subject to taxation.

7. Five-year Post Office Time Deposit Scheme

These are wise investment choices with assured returns. Additionally, these investments are exempt from taxes under Section 80C of Income Tax Act, 1961. The plans carry very little risk because the Indian government backs them. Additionally, all of the post offices in the nation run them. It resembles a bank deposit in that offers a set interest rate for a set period on the amount deposited. These interest rates rise as the tenure lengthens. An investor can receive a guaranteed return on their investment. There are four tenures for post office FDs: 1, 2, 3, and 5 years, each with a different interest rate. TDS applies to the interest, which is calculated quarterly but is due annually. However, it is essential to note that only a 5-year post office FD qualifies for tax saving under section 80C of Income Tax Act.

8. National Savings Certificate (NSC)

National Savings Certificate (NSC) is a tax-saving investment designed to support modest or medium-sized savings. It has a five-year lock-in term and can be claimed under Section 80C of the income tax code. The interest earned is taxable. However, when this interest builds up and is considered to have been reinvested, it becomes eligible for a new Section 80C deduction.

The NSC scheme is a low-risk investment because it is accessible at all Post Offices and is supported and promoted by the Indian Government. The program does not apply to Non-Resident Indians (NRIs) or HUFs and is exclusively available to Indian citizens.

9. Senior Citizens Savings Scheme (SCSS)

The Senior Citizens Savings Scheme (SCSS) was established to provide senior citizens in India with a regular income once they turn 60. Some of the plan’s primary advantages include tax benefits, secure investment opportunities, early withdrawal, account transfer options across the nation, and high interest rates.

The scheme will mature after five years. However, by applying the proper forms within one year of the account’s maturity, people can extend the maturity period by three years. People may register a joint account with their spouse or manage many accounts independently. On the other hand, joint accounts can only be formed with a spouse, and the investor of the joint account is the person who makes the initial deposit. Premature withdrawal is permitted when a year has passed since the account was opened. However, premature withdrawals after one and two years will incur charges of 1.5% and 1% of the total amount deposited, respectively.

10. Sukanya Samriddhi Yojana

As part of the “Beti Bachao Beti Padhao” campaign, Prime Minister Narendra Modi and the Central Government established the Sukanya Samriddhi Yojana. Helping girl children flourish is the only goal of this tax-saving plan. This savings plan is for a girl child who qualifies for tax advantages. Until the child turns 10, the girl’s parent or legal guardian may open an account under this program. In the case of twins, the program is extended to a third kid and is accessible for two girl children. The sum must be deposited over 15 years, and it will mature after 21 years. The interest rate is 7.60% per annum. It allows a minimum investment of ₹250 and a maximum investment of up to ₹1.5 lakhs. The scheme comes with a maturity period of 21 Years.

Know more about SSY: What is Sukanya Samriddhi Yojana?

11. National Pension Scheme (NPS)

National Pension Scheme is a pension program for employees that do not have a pension system created for retirement. The Government of India started this scheme as an opportunity for employees working in the private sector to have savings for their retirement. This is a good investment tool for working professionals, which is open from 18 to 60. The investment remains locked until you reach the retirement age but can be partially withdrawn after completing ten years in the scheme. Under the scheme, one can avail themselves of tax deductions on investments of up to ₹1.5 lakh under Section 80C. The scheme offers a rate of return between 12% – 14%.

Moreover, a ₹50,000 deduction is also available for NPS contributions in addition to Section 80C limit of ₹1.5 lakh. Allowing flexibility to the scheme holders, partial withdrawals are permitted after ten years but under particular conditions. Concerning the tax treatment, employer contributions under this scheme are tax-free, subject to 10% of the basic salary and DA. This value increases to 14% if you are a Central/state government employee.

12. Home Loan Principal Repayment

If you purchase a property still under construction and make your EMI payments, you may deduct the interest on your housing loan when the project is finished. According to the Income Tax Act, interest from pre-and post-construction periods may be deducted.

If a loan is taken out jointly, each borrower may deduct the interest paid on loan up to a maximum of ₹2 lakh under Section 24(b) and the principal repayment up to a maximum of ₹1.5 lakh under Section 80C. Compared to a house loan taken out by a single applicant, this doubles the number of available deductions. However, both applicants must fulfil their EMI obligations and are co-owners of the home.

Tabular Representation: Deductions under Section 80C

Investment options

Minimum lock-in period

Rate of interest

Risk factor

Returns

Public Provident Fund

15 years

7.10%

Low

Yes

Life Insurance Premium

-

-

Low

No

Unit Linked Insurance Plan

5 years

Ranging between 8% and 10% depending on the fluctuations in the market

Moderate

No

Equity Linked Saving Scheme

3 years

Ranging between 12% and 15% depending on the fluctuations in the market

High

No

Employer’s Provident Fund

-

-

Low

No

Fixed Deposit

5 years

Up to 8.40%

Low

Yes

Five Year Post Office Time Deposit

5 Years

Varies

Low

Yes

National Savings Certificate

5 years

6.80%

Low

Yes

Senior Citizen Savings Scheme

5 years

7.40%

Low

Yes

Sukanya Samridhhi Yojana

21 years

7.60%

Low

Yes

National Pension System

Till the individual reaches the age of 60 years

8% to 10%

High

No

Sub-Section under Section 80C

Section 80C of Income Tax Act contains a comprehensive list of deductions that an individual may be entitled to, which are divided into subsections that allow taxpayers to choose the best option and make sound financial decisions.

  • Section 80CC
  • This section is intended to encourage people to preserve their hard-earned money by providing a financial incentive to join government-approved pension plans. Both a person’s and their employer’s payments are tax-deductible, as long as the deduction does not exceed 10% of the person’s income. Individual taxpayers are the only ones who can take advantage of this deduction.

  • Section 80CCC
  • Tax deductions on pension fund investments are allowed under Section 80CCC. The clause applies to any company’s pension fund and provides a maximum deduction of ₹1.5 lakh. On the other hand, individual taxpayers are the only ones who can claim this deduction.

  • Section 80CCD
  • Individuals are encouraged to save by Section 80CCD of the Income Tax 80C, which provides an incentive for them to invest in pension programs that the Central Government is notifying. Only contributions made by a person and their employer less than 10% of the employee’s salary are eligible for a tax deduction. This option is only available to individual taxpayers.

  • Section 80CCF
  • Section 80CCF allows tax deductions and benefits under Section 80C on the subscription of long-term infrastructure bonds that the government has notified. It is open to both Hindu Undivided Families and individuals. A maximum deduction of ₹20,000 can be claimed.

  • Section 80CCG

Section 80CCG of the act allows for a maximum deduction of ₹25,000 per year, with certain individual residents being eligible. In addition, the government allows investments in equity savings programmes are allowed for deductions by the government; however, the ceiling is set at 50% of the amount deposited.

Payments Eligible for Deduction under Section 80C

1. Payments Towards Life Insurance

If you have bought term life insurance, then the payments made towards premiums can be claimed under Section 80C of Income Tax Act, 1961. For this, the insurance can be in your name or your wife and child’s name. The maximum limit set for exemption for life insurance premiums under Section 80C is ₹1.5 lakhs. Additionally, the total amount that can be claimed for exemption should be 10% of the sum assured.

For instance, you make an investment in life insurance during the financial year 2022-23 to avail of the advantage of deduction under section 80C and pay a premium of ₹8,400. The policy is taken with a sum assured of ₹25,000. Therefore, regarding the premium of ₹8,400 on the life insurance policy, the deduction will be restricted to 20% of the capital sum assured. Sum assured is ₹25,000, and 20% of the same will work out to be ₹5,000. Hence, out of ₹8,400, he will be eligible to claim a deduction of ₹5,000.

2. Repayment of House Loan

If you are repaying the principal component of a home loan, then that amount is eligible for deduction under Section 80C. This tax exemption also includes payments made towards stamp duty and registration.

3. Payments Towards Children’s Fees

You can claim fees paid for admission of your child in schools, colleges or universities in India for full-time courses only. The tax exemption under Section 80C can be claimed for up to two children for that particular financial year.

Tax Savings Section

Eligible Tax Deduction

Eligible Investments

Section 80CCC

₹ 1,50,000

Life insurance plans for pension & annuity plans

Section 80CCD

₹ 1,50,000

Pension scheme of Central Government (HUFs are not eligible for this deduction)

Section 80CCF

₹ 20,000

Investing in long-term infrastructure bonds approved by the government

Section 80CCG

₹ 25,000

Investing in equity savings scheme approved by the government

Difference between Section 80C & Section 80D

Point of Difference

Section 80C

Section 80D

Meaning

Allows tax deductions and exemptions for premiums paid for PPF, EPF, LIC premium, ELSS, ULIP, SSY, NPS, etc.

Allows tax deduction and exemptions for premiums paid for medical insurance for self, family, & parents and expenses incurred on preventive health check-ups.

Maximum Limit

Up to ₹1.5 lakhs

Up to ₹ 1 lakh

Scope of Tax Benefits

Permits higher tax benefits

Permits lower tax benefits

Sub-sections

Includes sub-sections like 80CC, 80CCG, 80CCG, 80CCC, 80CCD, etc.

Includes sub-sections like 80DD, 80DDB, etc

Exclusions

Exemptions are only applicable for individuals and HUFs, and not for companies

Premiums paid by the third party or through cash.

Know more about Section 80D: Section 80D of Income Tax Act, 1961

Section 80C - Frequently Asked Questions (FAQs)

1. Who can claim tax exemption under Section 80C of Income Tax Act, 1961?

Any individual and the Hindu Undivided Family (HUF) can claim INR 1,50,000 from their annual income under Section 80C of Income Tax Act, 1961.

2. Can an individual invest in various financial instruments and claim deductions of up to INR 1,50,000 for each type of investment?

No, an individual can claim only INR 1,50,000 for that particular financial year even if they are investing in different financial instruments.

3. What are the tax benefits that can be claimed on life insurance?

You can claim the premiums paid towards securing life insurance under Section 80C of Income Tax Act, 1961. You can also get tax exemption on the maturity benefit or the death benefit received by your family in the event of your death under Section 10(10D).

4. Who can claim tax exemption on a Senior Citizens Savings Scheme under Section 80C?

As the Senior Citizens Savings Scheme is meant for senior citizens, you will have to be of 60 years to invest in SCSS. But if you have taken voluntary retirement, then you can start investing after you turn 55 years of age.

5. What is Section 80C?

Section 80C under Income Tax Act, 1961 lists the investments and expenditures providing tax savings. You can claim deductions up to ₹1.5 lakhs from your taxable income under this clause. This benefit applies to individual taxpayers and Hindu Undivided Families (HUFs) only.

6. Does investment in ULIP come under Section 80C? When can I withdraw?

Premiums paid for ULIPs are eligible for Section 80C deductions. After the five-year lock-in phase, you can redeem part of your accumulated funds for urgent financial needs. Several ULIPs are available from Kotak Life. You can select one matching your investment and tax-planning goals.

7. What is the minimum holding period in case of life insurance premium for deduction under section 80c for the assessment year?

In order to claim a deduction for life insurance premiums paid under section 80C, a minimum holding period of two years must be met. If a life insurance policy is terminated, sold, or otherwise transferred before the minimum holding period of two years, the deduction permitted in previous years will be considered income in the year the policy is terminated, sold, or otherwise transferred.

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