List of investments permitted under Section 80C of the Income Tax Act
(i)
Life Insurance premium in respect of life assured of assessee, spouse, any child, or any member of the HUF
(ii)
Deferred annuity plan on the life of assessee, spouse, any child, or any member of the HUF
(iii)
Annuity contribution of government employees for spouse or children (qualifying amount restricted to 20% of salary)
(iv)
Employees’ Provident Fund Scheme
(v)
Contribution to recognised provident fund
(vi)
Contribution by an employee to an approved superannuation fund
(vii)
Contribution to Public Provident Fund
(viii)
Contribution to Unit-linked Insurance Plans (ULIPs) of UTI or LIC mutual funds
(ix)
Contribution towards notified annuity plan of Life Insurance Corporation (New Jeevan Dhara and so on) or any other insurer
(x)
Contribution to tax-saving mutual fund schemes
(xi)
Contribution to any pension fund of any notified Mutual Fund or UTI
(xii)
Contribution to deposit scheme or pension fund of National Housing Bank
(xiii)
Tuition fees (excluding development fees, donations, and so on) paid for any two children to any university, college, school or other educational institution situated within India
(xiv)
Payment to housing board or authority or repayment of loan taken from government, bank, LIC, HDFC, employer (being public limited or public sector company), National Housing Bank, university, or other other specified sources, to buy or build a residential house. Payment towards stamp duty, registration fee and other expenses for the purpose of transfer of house property to the assessee
(xv)
Investment in specified bank fixed deposit schemes having a lock-in period of five years
(xvi)
National Savings Certificates, VIIIth Issue
(xvii)
Subscription to any such deposit scheme of (a) public sector companies engaged in providing long-term finance to buy or build a residential house in India, (b) authority constituted under any law for satisfying housing needs or of planning development or improvement of cities, towns and villages, or of both
(xviii)
Investing in bonds issued by NABARD
(xix)
Specified deposit schemes of the central government
(xx)
Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institution The 2008 Budget proposes to include investments in fiveyear term deposits of Post Office Time Deposit, 1981 and deposit in senior citizens’ savings scheme 2004, under Section 80C.
Section 80D
(xxi)
Section 80D deals with health insurance premiums. You can claim exemption on up to Rs 15,000 of your income, if you used it to pay premiums for health insurance cover for you and your family. From next year, you will also be able to claim an additional Rs 15,000 to Rs 20,000 for health insurance premiums that you paid for your parents.