All About Section ‘80C’ Tax Deduction
Best tax saving schemes as per section 80c
Jul 23, 2016
Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction
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All About Section ‘80C’ Tax
Deduction
More About Scheme PPF is a deposit scheme run by Central Government
Minimum Investment in a year Rs 500
Maximum Investment in a year Rs 150000
Hidden Costs Nil
Risk Completely safe
No possibility of principle loss
Return 8.7%.Compounded yearly
Yearly, but can be withdrawn at maturity
Taxation Interest is tax free
No TDS
Liquidity Only partial withdrawal is allowed, after 5 years.
Cant be closed before 15 years
PPF (Public Provident Fund)
More About Scheme An ELSS is a diversified equity mutual fund.
Minimum Investment in a year Rs.1000
Maximum Investment in a year No limit(But the deductions are eligible till Rs.1,50,000)
Hidden Costs Nil
Risk There is market risk involved.
There is a possibility of capital loss.
Return Average 14% in last 5 years of all ELSS industry
Return obtained is variable.
Taxation Interest is tax free
No TDS on return
Liquidity There is lock-in period of 3 years.
Money cannot be withdrawn before 3 years.
Equity Linked Savings Schemes (ELSS Mutual funds)
More About Scheme It is a special account specially for the welfare of girl
child.
Minimum Investment in a year Rs.1000
Maximum Investment in a year Rs.1,50,000
Hidden Costs Nil
Risk It is a completely safe product
There is no probability of capital loss.
Return Return obtained is fixed.
Return obtained is 9.1%.
Taxation Interest is tax free
No TDS on return
Liquidity There is lock-in period of 14 years.
Money cannot be withdrawn before 14 years.
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Employee Provident Fund
More About Scheme Its provident fund deducted from employee by
employers in case of salaried person
Minimum Investment in a year As per employment terms
Maximum Investment in a year There is no limit
Hidden Costs Nil
Risk It is a completely safe product
There is no probability of capital loss.
Return Return obtained is fixed.
Return obtained is 8.5%
Taxation Interest is tax free if not withdrawn before 5 years.
No TDS on return
Liquidity
One has to retire or resign for the provident fund
One cannot withdraw money before resignation or
retirement.
More About Scheme Life insurance policies like Endowment policies, term
insurance policies etc.
Minimum Investment in a year Varies among Insurance companies
Maximum Investment in a year
The maximum tax deduction up to Rs.1,50,000.(The
premium is tax deductible if less than 10% of the Sum
Insured)
Hidden Costs Lot of hidden costs like commissions and expenses
Risk It is a completely safe product
There is no probability of capital loss.
Return Return depends on the market
Taxation Returns are taxable
No TDS
Life Insurance Policy
More About Scheme NSC is a government bond having maturity period of 6
years or 10 years.
Minimum Investment in a year Rs.1000.
Maximum Investment in a year There is no upper limit(However deduction only up to
Rs.1,50,000)
Hidden Costs Nil
Risk It is a completely safe product
There is no probability of capital loss.
Return Return obtained is fixed.
Return obtained is 8.8% for 10 years and 8.5% for 6 year
Taxation Interest is taxable
No TDS on return
Liquidity No withdrawal can be made before 6 years or 10 years
as per the scheme selected.
National Savings Schemes
More About Scheme These deposits are similar to the bank deposits
Minimum Investment in a year Rs 100
Maximum Investment in a year Rs 150000
Hidden Costs Nil
Risk Completely safe
No possibility of principle loss
Return 7%-8%.Compounded yearly- varies among banks
Taxation Interest is taxed.
No TDS
Liquidity There is a lock-in period of 5 years.
No withdrawal before 5 years
TAX saving Fixed Deposit
More About Scheme ULIP is a investment plan with life insurance
Minimum Investment in a year Any amount above Rs 100( Varies among Insurance
companies)
Maximum Investment in a year No Upper limit(However deduction only up to
Rs.1,50,000)
Hidden Costs Lot of Costs like Agent’s commission, Admin costs etc
Risk There is a possibility capital loss
Return Returns depend on the market conditions.
Taxation Return is taxable at the time of maturity
No TDS on returns
Liquidity There is a lock-in period of 5 years.
No withdrawal before 5 years
ULIP (Unit Linked Insurance Plan)
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