10 Tax Saving Investments under Section 80C [FY24]

By Team foundit

White Scribbled Underline

January 24, 2024

Beat the taxman! Discover 10 top tax-saving investments under Section 80C for FY24 and save big in the old tax regime.

1. Public Provident Fund (PPF)

Build a secure retirement with PPF. Enjoy tax benefits, guaranteed returns, and long-term wealth creation. Minimum investment: Rs. 500.

2. Mutual Funds  (Equity Linked Saving Scheme)

Invest in equity markets with ELSS mutual funds. Get market-linked returns and tax savings. Higher risk, but potentially higher rewards.

3. 5-Year Tax Saving Fixed Deposit

Secure your tax benefits and enjoy steady returns with a 5-Year Tax Saving FD. Choose the right bank and interest rate for optimal growth.

4. National Saving Certificate (NSC)

Invest in NSC for guaranteed returns and tax benefits. Choose maturity terms from 5 to 10 years and watch your savings grow steadily.

5. Senior Citizen Saving Scheme

Enjoy high interest rates and tax benefits with SCSS if you're 60+.  Minimum investment: Rs. 1,000.  Ideal for senior citizens in the old tax regime.

6. Unit Linked Insurance Plan (ULIP)

Save taxes with ULIP. Get life insurance coverage and market-linked investment potential. Carefully compare plans before investing.

7. National Pension Scheme (NPS)

Start planning for a worry-free retirement with NPS. Get tax benefits and enjoy market-linked returns. Early investment leads to bigger corpus.

8. Life Insurance Premium (LIP)

Choose term life insurance for pure protection or money-back plans for investment. Claim tax deductions on your Life Insurance Premium.

9. Children's Tuition Fees

Invest in your child's future while saving on taxes. Claim deductions on tuition fees paid for up to two children.

10. Principal Repayment of Housing Loan

Reduce your tax burden with your home loan. Claim deduction on principal repayment under Section 80C. Remember, interest is not deductible.

Bonus Tip: Mix & Match

Don't limit yourself! Combine different Section 80C investments to maximize your tax savings and reach your financial goals in FY24.