Union Budget 2024: 10 Tax-Saving Options Under Section 80C Limit | Check Here

As Finance Minister Nirmala Sitharaman is going to present the budget on 1st February. Taxpayers are expecting relief from the upcoming Interim Budget 2024. As the Lok Sabha general elections are also scheduled to take this year these anticipations have become more. One of the long recurring demands from the taxpayers is the increase in the deduction limit under Section 80C from the current Rs 1.5 lakh, last revised in the 2014-2015 Budget from Rs 1 lakh.

Income tax section 80c along with 10 tax-saving options are explained here briefly.

What Is Section 80C?

Section 80C, a provision under the Income Tax Act, is widely utilised by salaried individuals to claim tax deductions for various investments and expenses.

10 Tax Saving Investments Under Section 80C

For individuals planning their taxes for FY24 and still operating under the old tax regime, there are key investments that offer Section 80C benefits. Here are ten prominent options:

1. Public Provident Fund (PPF)

2. Mutual Funds (Equity Linked Saving Scheme)

3. 5-Year Tax Saving Fixed Deposit

4. National Saving Certificate (NSC)

5.Senior Citizen Saving Scheme

6. Unit Linked Insurance Plan (ULIP)

7. National Pension Scheme (NPS)

8. Life Insurance Premium (LIP)

9. Children’s Tuition Fees

10. Principal Repayment of Housing Loan

These investments not only help individuals secure their financial future but also offer the added advantage of tax savings under Section 80C.