InvestorQ : What all investments can help me save tax?
Samita Patil made post

What all investments can help me save tax?

3 years ago

The Income Tax Act allows Indian citizens to save tax under Section 80C. The maximum amount of deduction that can be claimed under section 80C is Rs 1.5 lakh for any financial year i.e. FY2018-19.

All the tax-saving investments made by an individual are eligible for deduction under section 80C, 80CCC and 80CCD(1) during FY2018-19 and can thereby help lower one’s tax liability.

Please note though that the maximum tax-break one can claim under these three sections combined cannot exceed Rs 1.5 lakh in a financial year.

The most commonly available tax breaks under section 80C are as follows: a) Employees' Provident Fund (EPF) b) Public Provident Fund (PPF) c) Investments in equity-linked savings schemes (ELSS) d) Life insurance premium paid e) National Pension System (NPS) etc.