Section 80C of the Income Tax Act, 1961, lets individuals and HUFs deduct up to ₹1.5 lakh from gross taxable income each financial year for specified investments and expenses. Eligible items include EPF, PPF, ELSS, ULIP and traditional life insurance premiums, NSC, tax-saving FDs, home loan principal repayment, and tuition fees for up to two children.
For life insurance premiums to qualify, the Sum Assured must be at least 10× the annual premium (for policies issued after 1 April 2012). §80C is only available under the old tax regime — opting for the new regime (default from FY 2023-24) forfeits this deduction.