Several investments options and expenses are eligible for tax deductions under Section 80C. In total, you can save up to Rs. 1,50,000 under the section. Here’s a glance at the various instruments for tax saving declared under the Income Tax Act and Section 80C

a) Premium paid for ULIP, life insurance or an annuity plan: The amount you pay towards your life insurance premium, can be included in 80C deduction. Also, do note that the premium paid for a life insurance policy by you for your parents which may include your father, your mother or both or for your in-laws is not eligible for deduction under 80C.

b) Contributions made into provident fund options such as EPF (Employer Provident Fund), VPF (Voluntary Provident Fund), PPF (Public Provident Function) or superannuation funds.

c) Investments into NSC (National Savings Certificate), KVP (Kisan Vikas Patra), SCSS (Senior Citizen Savings Scheme), 5-year Post Office Term deposits and 5-year bank fixed deposits.

d) Investments into notified ELSS (Equity Linked Saving Scheme) of a mutual fund.

e) Repayment of the principal of a home loan taken for construction or purchase of residential property as per rules specified.

If you have not made any tax saving investment so far in the current financial year, you should start now.