Understanding the nuances of tax deductions can be a daunting task for many. But many taxpayers in India make a popular choice—the tax deduction they avail is the 80C deduction. This section of the Income Tax Act allows individuals and Hindu Undivided Families (HUFs) to reduce their taxable income by making certain investments or expenditures.
The 80C deduction (required documents) is not just a single provision but comprises several subsections. Each of the 80C subsections pertains to a specific type of investment or expenditure. For instance,
Numerous investment options qualify for deductions under section 80C. These investments under 80C offer a variety of returns and have different lock-in periods, allowing taxpayers to choose the options that best suit their financial goals and risk tolerance. Here"s a summary of some of these options:
First Published: Apr 15, 2024, 10:00
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