What is Section 80c of Income Tax Act?

I have claimed my deductions for those investments that have been filed in my ITR without submitting proof to my employer. However, for this, the investments should be made before the end of the financial year.

Here is the detailed process to claim your deduction under Section 80C of the Income Tax Act:

• You must be eligible to invest in the investment instrument before March 31 of the fiscal year. 
• You ned to gather all the statements, deposit slips, insurance premium receipts, and ELSS. 
• Declare investments to adjust TDS to your employer. 
• Now, under the deductions under Chapter VI-A, you need to file the ITR report for investments. 

80C Section is considered best for tax saving deductions in the old tax regime for the given reasons below: 

• It has a variety of investments, in the provident funds, fixed deposits, national savings certificates, insurancesand government schemes. 
• It provides a vast span for the investments under Section 80C, which is 5 years. 
• It assists in saving taxes and helps in financial planning. 
• This section protects investments that have more returns than the economic inflation.