Tax Saving Section 80C Taxpayers can save up to Rs 1.5 lakh tax on their income (salary) under the old tax regime. If you have not done tax saving yet, then you have time till 31 March 2025. Today we will know how to save Rs 1.5 lakh under section 80C.

Tax Saving Section 80C: This is how you save your tax

HIGHLIGHTS

1. Taxpayers can save tax up to Rs 1.5 lakh under the Old Tax Regime.
2. You have time till 31 March 2025 for tax saving

Business Desk, New Delhi. The financial year 2024-25 is going to end very soon. The new financial year 2025-26 will start from April 1, 2025. So if you have not done tax saving yet, then you have time till March 31, 2025.

Many taxpayers still choose the old tax regime to pay taxes. Under the old income tax regime, you can avail tax deduction up to Rs 1.5 lakh under section 80C. Whereas under the new tax regime, only a few tax deductions are available.

Section 80C is considered quite popular among taxpayers for tax saving or deductions. Many people take advantage of this section while paying tax.

You get benefit on these schemes under section 80C

Under the old income tax regime, taxpayers can claim tax deduction up to Rs 1.5 lakh. Individual taxpayers and Hindu Undivided Families are eligible for this section.

You can claim tax deduction under Section 80C using a variety of savings schemes. These include life insurance premium, ELSS, certain post office schemes, PPF, Sukanya Samriddhi Scheme, Senior Citizen Savings Scheme, etc.

What is Section 80C?

To understand about Section 80C, it is necessary to know about Section 80CCC and Section 80CCD.

Section 80CCC: Under Section 80CCC, tax deduction can be claimed through pension plans of LIC or any other insurance company. To claim tax deduction, it is mandatory for the plan to be a pension paying one.

Section 80CCD (1): Section 80CCD gives the right to claim tax deduction under the Central Government's pension scheme. If you invest 10 percent of your salary in pension, then tax deduction can be claimed. Under this section, you can avail tax deduction up to Rs 1.5 lakh.

Section 80CCD(1B): Under this section, you can get the benefit of tax deduction up to Rs 50,000 by investing money in NPS account. Along with this, the lump sum amount received up to 60 percent of the maturity amount under NPS is tax free. However, monthly annuity is considered income tax bail.

You can easily save your tax under all these sections.