These investments will help you in saving taxes –Know

In order to encourage savings, there are some tax reliefs government offers to private and public sector employees.

To get a clearer idea of what documents you will require to show as proofs of investment, here’s a list (prepared by bankbazaar.com) of items that give you tax exemption from paying tax:

Section 80C: You can claim a maximum cumulative amount of Rs 1.5 lakh under Section 80C.

The following items are included under Section 80C

• Investment in Public Provident Fund (PPF)
• Contribution to Employees Provident Fund (EPF)
• Investment in National Savings Certificate (NSC)
• Premium payment for life Insurance policies
• School fees of children
• Repayment of Home loan principal
• Investment in Sukanya Samriddhi Scheme
• Investment in Unit-linked Insurance Plans (ULIPs)
• Investment in Equity Linked Savings Scheme (ELSS)
• Deferred annuity plan purchase
• Investment in 5-year Fixed Deposit scheme
• Senior Citizens savings scheme
• Contribution to notified securities/deposits scheme
• Subscription to notified pension funds set up by Mutual Fund or UTI.
• Investment in term deposit schemes of the National Housing Bank
• Contribution to term deposit schemes of a public sector or housing finance company
• Investment in notified LIC annuity plans
• Investment in equity shares/debentures of an approved eligible issue
• Subscription to notified bonds of NABARD

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