Tax Saving Investment Options available under Income Tax

You can invest/contribute/deposit/pay in following to save your taxes :-

a) Life Insurance policy taken on your life or on your family, premium paid during the financial year shall be deductible
b) Contribution towards Public provident fund
c) Subscription to National Savings Certificates (Accrued interest on NSC is also deductible except for the last year)
d) Contribution in the unit linked insurance plan of Unit Trust of India or LIC Mutual Fund
e) Subscription towards notified units of Mutual Fund or UTI
f) Investment in notified pension fund, notified bonds of NABARD
g) Amount deposited in five year time deposit scheme in post office
h) Tuition fees paid of any two children
i) Principal amount of repayment of housing loan
j) Equity linked Savings scheme
Deduction limit for the above investments is Rs. 1,50,000 under section 80C (for financial year 2015-16)
In addition to above Investment in NPS is eligible for deduction upto Rs 50,000/- (Total Deduction Rs 2,00,000/-)

You can also opt for health insurance for yourself or on your family members (premium up to Rs. 25,000 (for financial year 2015-16) shall be deductible under section 80D)

Summary
Article Name
Tax Saving Investment Options available under Income Tax
Description
You can invest/pay/deposit/contribute in following to save your taxes under Section 80C: 1)LIC 2)Contribution to PPF 3)Subscription to NSC 4) Term deposits in Post office. 5) Tution fees of two children only 6) Subscription to notified units of Mutual fund. 7) REpayment of Housing loans, etc.
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myITreturn
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