ITR filing FY23-24: Up to Rs 1.5 lakh tax deductions available under Section 80C only if you do this

Individuals — Indian residents and Non-Resident Indians (NRIs) are eligible to claim tax deductions under Section 80C. Hindu Undivided Family (HUF) can also claim Section 80C deductions under the old income tax regime.

Meanwhile, companies, partnership firms and LLPs cannot claim Section 80C deduction.

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Taxpayers can claim a maximum deduction of Rs 1.5 lakh under Section 80C while filing ITR for FY23-24 or AY24-25.

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Here are the investments that will qualify for the deductions under Section 80C

1) Investment in ELSS, PPF, life insurance premiums, tuition fees, Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA), five-year tax-saving fixed deposit (FD), etc.
2) Tax-saving fixed deposits that have a lock-in period of five years
3) Returns from Employee Provident Fund (EPF) with interest are eligible for tax exemption under Section 80C for employees who have served at least five years
4) Contributions made towards Government Schemes like Atal Pension Yojana or other notified pension schemes.

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