Section80C
Definition
A provision under the Income Tax Act that allows individuals to claim deductions of up to Rs 1.5 lakh per financial year on specified investments and expenses. Eligible instruments include ELSS, PPF, NSC, life insurance premiums, EPF contributions, home loan principal repayment, tuition fees, and 5-year fixed deposits.
Example
By investing Rs 1.5 lakh in ELSS mutual funds under Section 80C, an investor in the 30% tax bracket can save up to Rs 46,800 in taxes (including cess).
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