Understanding Section 80C Deduction Under the Income Tax Act
Section 80C of the Income Tax Act, 1961, is one of the most popular tax-saving provisions in India, allowing individuals to claim deductions of up to ₹1.5 lakh per financial year. It covers a wide range of investments and expenses, including PPF, EPF, NSC, life insurance premiums, and principal repayment on home loans. This comprehensive guide breaks down the eligibility, benefits, and strategies to maximize your deductions under Section 80C, helping you reduce your taxable income while aligning with your financial goals. Whether you’re saving for retirement, education, or just tax efficiency, Section 80C offers a variety of options to cater to your needs.
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