There are various ways to save tax under sec 80c. Knowing the various tax exemptions that fall under section 80c that that you may qualify for when completing your taxes. Knowing the the exemptions of section 80c will provide you with the maximum benefit of your tax planning.
To save tax under sec 80c you must have the have one of the following types of deductions:
Life Insurance Premium – having made any sort of contribution to a Life insurance policy will help you to save tax under sec 80c. Your spouse and children are also eligible to save tax under sec 80c with your life insurance premium.
Tuition Fees– when filing taxes if you have tuition fees they can be listed in section 80c. Any amount paid in regards to tuition for the education of one or more children is considered a tax deduction and will help you save tax under sec 80c.
Prinicple Part of a Home Loan– your home loan can also be a viable deduction used under section 80c. There are 2 parts to your home loan. The prinicple part of of the loan can be used as a tax exemption and help you to save tax under sec 80c.
ULIPs (Unit Linked Insurance Plans) – another deduction that can be used under sec 80 is your ULIP. A ULIp is an insurance plan that combines a life insurance plan with either a stock market investment or mutual fund investment.
There a number of deduction options listed above that you can take advantage of when filling out sec 80c of your tax filing. Contact tax lawyers for legal advice and assistance.