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How to Save Tax from Section 80C? #Shorts #savetax #section80C #taxsavingtips

Section 80C of the Indian Income Tax Act allows individuals to claim a deduction for certain specified investments and expenses up to a maximum limit of INR 1.5 lakh per financial year. Some examples of investments and expenses that are eligible for deduction under Section 80C include:

Contributions to specified pension funds, such as the Employee Provident Fund (EPF) and the Public Provident Fund (PPF).

Premiums paid for life insurance policies.

Repayment of the principal portion of a home loan.

Contributions to specified equity-linked savings schemes (ELSS) offered by mutual fund companies.

Tuition fees paid for the education of children.

To claim a deduction under Section 80C, individuals must ensure that they have made the specified investments or incurred the eligible expenses during the relevant financial year. They must also have all the necessary supporting documents, such as receipts and proof of payment, to support their claim. It's also important to note that the total deductions claimed under Section 80C, along with other specified sections, cannot exceed the maximum limit of INR 1.5 lakh per financial year.

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