Savings play an important role in the economic development of any country. To boost saving habits, an incentive in the form of a deduction out of one's taxable income has been allowed.
source https://www.caclubindia.com/articles/deduction-under-section-80c-44250.asp
source https://www.caclubindia.com/articles/deduction-under-section-80c-44250.asp
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