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Want To Maximise Your Tax Savings? Here Are 5 Instruments To Benefit From

118 views · Published 20 January 2017 · 1:36 · Indexed 27 September 2026

Channel: The Financial Express · 2017 · News & Politics

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You can avail tax benefits under various sections of the Income-Tax Act.  In fact, several investments, expenses and payments are allowed to be claimed under Section 80C, which sometimes become the only investment option for a lot of taxpayers. Here's a look at 5 specified instruments for 80C deductions and how to make the best use of it.
1. Public Provident Find (PPF)
You can open a PPF account and claim deduction on the deposits made. A maximum of Rs 1,50,000 is allowed to be invested in one financial year, while the minimum investment required each year is Rs 500. 
2. National Savings Certificate
National Savings Certificates or NSCs are eligible for deduction in the year they are purchased. These can be bought from a designated Post Office. Their term is for 5 years and interest earned is compounded annually. 
3. Sukanya Samridhi Account
A maximum of Rs 1,50,000 can be deposited in the Sukanya Samridhi Account for a girl child. Interest rate is compounded annually. This interest is fully exempt from tax. 
4. Equity Linked Savings Scheme (ELSS)
Equity Linked Savings Scheme is a type of mutual fund investment. Investments made in ELSS funds during the financial year are eligible for deduction under Section 80C. 
5. Unit Linked Insurance Plan (ULIPS)
ULIPS sold with life insurance are also eligible for deduction under Section 80C. Includes contribution to Unit Linked Insurance Plan of LIC Mutual Fund

Read More: http://www.financialexpress.com/money/make-the-best-use-of-section-80c-deductions-for-maximising-your-tax-savings/515229/

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