Budget in a Minute: Market Guru Anil Singhvi explains what is Section 80C of Income Tax Act

Budget 2021 is nearing and people want to know what it is all about. So, if you do not understand what Section 80C is and how to save tax, there is good news for you. Zee Business Managing Editor and Market Guru, Anil Singhvi has explained the Section 80C of the Income Tax Act in an easy way in today's episode.

Anil Singhvi said: "One thing is permanent, if someone earns money, Government will impose a tax. If you think there's no way to save the tax, then know that there is. The easiest way to save this outgo of money is Section 80C. Taxpayers can save up to Rs 1.5 lakh under Section 80C . If you invest up to Rs 1.5 lakh annually in this section, then you will get income tax exemption from the Government."

WATCH FULL COVERAGE ON ZEE BUSINESS BELOW:

1 मिनट में अनिल सिंघवी से समझिए क्या है आयकर की धारा 80C? #BudgetOnZee #Budget2021 #Section80C #UnionBudget2021 @AnilSinghvi_ pic.twitter.com/3BorBswbOI

— Zee Business (@ZeeBusiness) January 21, 2021

According to Singhvi, there are many options under Section 80C of the Income Tax Act in which you invest and save money. People can put their money in life insurance, Provident Fund, Public Provident Fund and several other schemes.

"You can also save the principal paid on home loan under Section 80C. I suggest income tax payers to invest extra money they have in any of these schemes. Those who are on salaried account, they don't have any other option," he further added.

As of now, taxpayers can save up to Rs 1.5 lakh under Section 80C. Let's see if the government can increase this limit in the upcoming bBudget, Singhvi noted.