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An Income Tax section allowing deductions up to Rs 1.5 lakh on specified investments and expenses.
Section 80C of the Income Tax Act, 1961 allows taxpayers to claim deductions of up to Rs 1.5 lakh per financial year on certain investments and expenses. Eligible instruments include: Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), Equity Linked Savings Scheme (ELSS), life insurance premiums, tuition fees for children, principal repayment of home loans, and tax-saving fixed deposits (5-year lock-in). This deduction is available under the Old Tax Regime.
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