Section 80C of Income Tax Act, 1961, provides a deduction of Rs.1,50,000 from the gross income. An individual and HUF can reduce the Net Taxable Income by Rs.1.5 Lac., and minimise the tax liability for the financial year.

Particulars Post-Budget (New Scheme) Post-Budget (Old Scheme)
Gross Total Income 0.00 0.00
Deductions 0.00 0.00
Tax due on above 0.00 0.00