PPF, ELSS, NSC, ULIPs: How to save up to  Rs 1.50 lakh in tax under Section 80C

Produced by: BT Desk

March 31 is the last date for investing in tax-saving schemes for this financial year. If you are still struggling with your tax math, there are a few options you can consider in that last-minute rush. You can save up to Rs 1.50 lakh in tax. Here are some options under 80C.

PPF

Employees contributing in Public Provident Fund (PPF) can claim deductions under Section 80C. PPF has a maximum deposit limit of Rs 1.50 lakh, allowing exemption on the entire deposited amount.

EPF

Employee Provident Fund (EPF) members are eligible for deduction under Section 80C.

ELSS

Deposits up to Rs 1.50 lakh in Equity Linked Saving Schemes, or ELSS, are eligible for exemption under Section 80C. These have a three-year lock-in period.

NPS

Open to public and private sector employees, deposits in this scheme provide relaxation under Section 80C. People with Tier-1 NPS account can expect a further deduction of Rs 50,000 under sub section, 80CCD.

Life Insurance premium

Premiums paid for yourself, children, spouse are eligible for deductions under Section 80C. If you have more than one policy, club the premiums and claim deductions up to Rs 1.50 lakh per annum.

NSC

The amount invested in National Savings Certificate is also eligible for deductions under Section 80C.

ULIPs

Unit Linked Insurance Plans (ULIPs) have the dual benefit of coverage and returns. You can avail of exemptions up to Rs 1.50 lakh on the invested amount under Section 80C.

Five-year post office time deposit scheme

Investors under this scheme can avail the benefit of tax deductions up to Rs 1.50 lakh under Section 80C