In order to encourage savings by individuals, the government gives tax breaks on investment in certain financial products under Section 80C of the Income Tax Act. Some kinds of expenses incurred are also allowed as deduction.

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The maximum amount eligible is Rs. 1.50 Lacs from financial year 2022-23.

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The amount of investment or eligible expenses you make under Sec. 80C is deducted from your taxable income. This reduces your tax liability.

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The deduction benefit under Sec. 80C is available only to assessees falling under the category "Individuals" and "Hindu Undivided Family".

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Yes. An NRI individual who is liable to pay tax under the Income Tax Act in India can also avail deduction benefit under Sec. 80C of Income Tax Act.

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Deduction under Sec. 80C can not be claimed on income arising out of the following sources: 

1. Capital gain on sale of an asset; and 
2. Income by winnings from lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature.

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The investments made in following are allowed as deduction under Sec. 80C of Income Tax Act:

1. Life Insurance Premium
2. Deferred Annuity Scheme 
3. Employee Provident Fund(EPF) and Public Provident Fund(PPF) 
4. Equity Linked Saving Scheme (ELSS) of Mutual Fund 
5. National Savings Certificate (NSC) 
6. Notified Pension Fund set up by Mutual Fund 
6. 5-year Fixed Deposit with a Scheduled Bank
7. Senior Citizens Savings Scheme 
8. 5-year Post Office Time Deposit 
9. Sukanya Samriddhi Account 
10. Senior Citizen Savings Scheme
Note: There may be conditions attached depending upon your specific circumstances.

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The following expenses are allowed as deduction under Sec. 80C of Income Tax Act: 

1. Children's Tution Fee Payment 
2. Principal repayments on Loan for purchase of House Property 
3. Stamp Duty and Registration Charges for a house

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You can claim deduction for life insurance premium paid only if the policy is in the name of your own life, life of your spouse or your children. Child can be married/unmarried, dependent/independent, male/female or minor/major.

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No. Deduction under Sec. 80C is not available for the premium paid towards the life insurance of parents.

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Yes, a HUF can claim deduction for premium paid on the life insurance policy taken in the name of any of its members.

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a. The premium must have been actually paid in the year in which deduction is being claimed.
b. The premium amount paid should not exceed 10% of the Sum Assured. 
c. In case of Unit Linked policies, the premium must be paid for 5 years.

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Contribution made by individuals in the name of self, spouse and minor child is eligible for deduction under Sec. 80C. However no deduction will be allowed for contribution made on behalf of your parents or major child.

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Yes. HUF can also claim deduction under Sec. 80C for contribution made to PPF account in the name of its member(s). Please do note that no new PPF account can be opened in the name of a HUF.

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Interest on NSC accumulates and is paid at the maturity. The interest amount accrued every year also qualify for deduction under Sec. 80C. However, the interest for the financial year in which the NSC matures does not qualify for deduction under Sec. 80C.
 

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Tution fees paid to any university, college, educational institution in India for full time education for any two children is allowed as deduction under Sec. 80C.

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Yes. But the same is available under Sec. 80CCD(1b).

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You do not get any deduction over and above limit of Rs 1.5 Lakh.

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Yes the same can be claimed at the time of ITR filing even you have forgot to provide same to your employer.

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HRA exemptions can be claimed under Section 10(13A) or Section 80GG.

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