What are the Rebate under Section 80C of Income Tax Act.
Under section 80C is the most popular section under which people are invested their money or expense under this head. The Income Tax of India is define that various expenditures and investments that are exempted from Income Tax and the maximum deduction of up to Rs. 1,50,000/- every year.
All the Assessee either individual taxpayers or Hindu Undivided Families are applicable to invest or expense under the head of Section 80C of Income tax Act. Any Body of Organization, Firms or Business are not entitled to avail the tax exemption under this section.
Now, I am explain most trending and popular Investment and Expenditure which are gets tax exemption under the Head of Section 80C.
| Sl.No | Nature of Expenditure | Amount (Exempted Maximum Per year) |
| 01. | GPF – General Provident Fund (Monthly Subscription) | Rs. 1,50,000 |
| 02. | Life Insurance (Premium) | Rs. 1,50,000 |
| 03. | PPF – Public Provident Fund | Rs. 1,50,000 |
| 04. | EPE – Employee Provident Fund | Rs. 1,50,000 |
| 05. | SSY – Sukanya Samriddhi Yojana | Rs. 1,50,000 |
| 06. | NSC – National Saving Certificate | Rs. 1,50,000 |
| 07. | Home Loan Principal amount | Rs. 1,50,000 |
| 08. | Stamp Duty | Rs. 1,50,000 |
| 09. | Tax Saving Fixed Deposit more (more than 5 years Term) | Rs. 1,50,000 |
GPF
General Provident Fund is the most popular and trending saving/investment scheme of all Government Servant excepts appointed after 2004. It is compulsory of all the employee contributes a certain portion of his monthly salary till the age of retirement. The amount which is deducted from their monthly salary is exempted from tax and the maximum exempted amount is Rs. 1,50,000.
Life Insurance Premium
The investment for Life Insurance is a very popular saving scheme of other then Government Employee or any Government employee. Why it is very popular – insurance company are given life risk coverage along with a handsome maturity benefits. In India there is a many insurance company and you can buy any insurance policy and get the benefits.