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Tax Saving- Compare top 10 tax saving instruments in India under section 80C

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Tax Saving- Compare top 10 tax saving
March 16, 2019

Section 80C of the Income Tax Act, 1961 is the milestone of tax exemption in India and primarily serves as the reference Section for exemptions for which various investments and contributions towards those investments are eligible. This includes many different forms of investment and the scope for exemption provided by this Section is elaborate. Section 80C was incorporated in 2006 and all the broad exemptions (available under previous Sections 88 and 80CCC) were integrated in it. It must be mentioned here that Section 10(10D) of the Income Tax Act governs the exemptions over returns from various investments and related instruments.

Taxation forms an important part of our overall contribution towards our saving corpus and any financial planning is incomplete without it. This is obviously so given the fact that as investors, we all wish to avoid being overtaxed. Following is a list of the 10 ideal tax saving instruments in India, which come under the purview of Section 80C:

  1. ELSS (Equity Linked Savings Scheme):

    An ELSS comes with a lock in period of three years and is considered to be one of the best instruments for saving taxes in India. Under Section 80C, the contribution towards an ELSS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).

  2. EPF (Employees Provident Fund):

    EPF is a provisional annuity-driven instrument under which, equal contributions to EPF by the employer and the employee are mandated. All such contributions are eligible for deduction under Section 80C.

  3. PPF (Public Provident Fund):

    PPF is a traditional return-based scheme with focus on annuity and all contributions to the PPF made by individuals (excluding Hindu Undivided Families or HUFs) are eligible for deduction under Section 80C.

  4. SCSS (Senior Citizens Savings Scheme):

    For investments towards SCSS, tax exemption is admissible. Under Section 80C, the contribution towards an SCSS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).

  5. NPS (National Pension Scheme):

    NPS is a government-backed annuity-product that acts as a retirement support for employees of all sectors. Under Section 80C, the contribution towards NPS is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).

  6. Unit linked insurance plans (ULIPs):

    ULIPs are market-related instruments and Under Section 80C, the contribution towards a ULIP is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).

  7. NSC (National Savings Certificate):

    Under Section 80C, the contribution towards NSC is eligible for tax exemption (with an upper capping of Rs. 1.5 Lac in the particular financial year).

  8. Post Office savings schemes:

    Section 80C also covers the taxation for various Post Office savings scheme and exemptions are covered therein. Starting from the year, contributions towards Post Office savings schemes have been brought under the purview of Section 80C.

  9. Life insurance premiums:

    All the premiums that a policy holder pays towards a Life insurance plan are duly covered under Section 80C.
  10. In addition to the above, exemptions on contributions to Sukanya Samriddhi Yojana are also covered under Section 80C.

HDFC Life offers various investment and saving schemes that are aimed at ensuring that your funds grow and hence, for securing your financial health.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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