The aggregate amount of deduction available under section 80C, 80CCD and 80CCC can't exceed Rupees one Lakh (1,00,000) per annum.
The above section is categorized under two:
1. Investment option deductions
2. Expenses related deductions
1. Investment options deductions are as follows
Public Provident Fund (PPF)
Employees Provident Fund
Equity Linked Savings Schemes(ELSS Funds of Mutual Fund)
Unit linked Insurance Plans
Infrastructure Bonds (max investment amount is Rs.20,000/-
National Saving Certificates (NSC) 5 years
Bank and Post office Time Deposit Schemes
New Pension Scheme Under 80CCD
Life Insurance Premium(includes premium paid for life insurance and pension funds both quality for deduction under 80C and 80CCC respectively)
2. Expenses related deductions
1. Children tuition fees. The maximum limit for the tuition fees is Rs.12000/- per child. Full time education of any two children in any school, college or University subject to over all limit of tax deduction.
2. Repayment of Housing Loan Principal amount with the max limit of 1,00,000 and other deductions which are also entitled are as follows: Expenses incurred on purchase of house property, stamp duty, registration fees and legal expenses incurred for the purpose of purchase of house property.
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The ELSS is aimed at providing rebate to the tax payers. There are many options available under Section 80c and individual can invest his or her money to save tax. This information is helpful for those who does not know how to save tax under different schemes. I was one of that but this post helps me to save my tax wisely because i utilize the best schemes
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