The following is the list of main items which are eligible for tax deduction of ` 1 lakh as per Section 80C:
1. Payment for Life Insurance Premium
2. Payment for Deferred Annuity Plan
3. Deferred Annuity payable by Government
4. Contribution to Public Provident Fund
5. Contribution to Provident fund set up by Central Government
6. Contribution to Recognised Provident Fund
7. Contribution to recognised superannuation fund
8. Subscription to any security or deposit notified by Government
9. Subscription to saving certificates
10. Subscription for Unit Linked Insurance Plan 1971
11. Contribution for Unit Linked Insurance Plan of LIC Mutual Fund
12. Payment for Annuity plan of LIC or any other Insurer
13. Subscription to units of notified mutual funds
14. Contribution to notified pension fund of mutual fund
15. Pension fund set up by National Housing Bank
16. Subscription to deposit scheme of public sector company engaged in providing long term finance for house.
17. Tuition fees of two children in India
18. Payment of instalment for self-financing of a residential property for repayment of loan.
19. Subscription to equity shares or debentures as approved for infrastructure.
20. Subscription to any units of Mutual Fund as approved by the Central Board of Direct Taxes.
21. Term-deposit for fixed period of not less than five years with a scheduled bank.
22. Notified Bonds of NABARD.
23. P. 0. Time Deposits
24. Deposit in Senior Citizens Savings Scheme.
Note: (1) Total amount allowed as deduction is limited to ` 1 lakh inclusive of deduction as per Sections 80C, 8OCCC, 8OCCD and New Section 8OCCE
(2) The deduction for items 1, 5, 10 and 11 alone would be available to an individual for self, wife and children. For other items the tax deduction is only for the individual tax payer.