We will cover here the complete detail about deduction under section 80C for A.Y.2016-17 & A.Y.2017-18 (Announced in Budget 2016/ Finance Bill 2016). 

There are lots of deductions comes under Chapter VI-A from section 80C to 80U like 80HH, 80RRB, 80U and more. But this article is exclusively for the deduction comes under section 80C.

Aggregate amount of deduction u/s 80C, 80CCC, 80CCD and new section 80CCE  is restricted to Rs.1,50,000.

Download Automated All in One TDS on Salary forGovt & Non-Govt employees for Financial Year 2016-17 & Assessment Year2017-18 [This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic H.R.A. Calculation + Automated Arrears Relief Calculator with Form 10E up to FY 2016-17 + Automated Form 16 Part A&B and Part B for F.Y.2016-17 & A.Y.2017-18]

You can avail the benefit of deduction u/s 80C by investing in the following schemes. 
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 recognized 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 fund.
14.    Contribution to notified pension fund of mutual fund.
15.    Pension fund set up National Housing Bank.
16. Subscription to a deposit scheme of public sector company engaged in providing long term finance for housing.
17.  Tuition fees of two children in India.
18 Payment of installment 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.   As per the Finance Act, 2006 for F.Y. 2006-07, a term-deposit for a fixed period of not less than five years with a scheduled bank would also qualify for tax deduction under Section 0 C within the overall limit of Rs. 1 lakh. This deduction to some Rules.
22.   Notified bonds of NABARD.
23. Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004.
24.   Five-years time deposit in an account under the Post Officer Time Deposit Rules, 1981.

Some Popular Schemes Comes Under Deduction Under Section 80C

Life Insurance Premium: You can get deduction by depositing or paying life insurance premium in previous year. You must note here that premium paid on behalf of wife/husband/child or any member of the family where assesse in an HUF. Child includes adult children also, Thus, deduction is available in respect of premium paid on a policy on the life of a married daughter.
Provident Fund & Public Provident Fund: You can claim deduction under section 80C for the amount deposit in provident fund also. The amount deposit in the name of wife/husband/child or any member of the family where you are as an HUF is also eligible for deduction u/s 80C. The annual contribution upto Rs.1,00,000 (A.Y.2014-15) or Rs.1,50,000 (A.Y.2017-18, A.Y.2016-17 & A.Y.2015-16) is eligible for deduction under section 80C. You can deposit Rs.1,00,000 (A.Y.2014-15) or Rs. 1,50,000 (A.Y.2015-16) in PPF A/c even if you have paid the amount in LIC, NSC, ULIP etc. However, the deduction u/s 80C is available on the total contribution of PPF, LIC, ULIP, etc. up to maximum of Rs.1,50,000 [Rs.1,00,000 for A.Y.2014-15].  Interest on PPF is not treated as reinvestment for purpose of section u/s 80C is available even if the contribution is made in the PPF account of minor/major children or spouse.
National Saving Certificates (NSC): You can also get deduction under section 80C for the amount deposit in national saving certification along with PPF/LIC/ULIP up to maximum of Rs.1,50,000 accrued during the year.  There is no TDS deduction for repayment of NSC. Interested accrued during the year (except for the last year) shall be deemed to be reinvested and shall also qualify for deduction u/s 80C.
Bank Term Deposit Schemes: Amount invested in bank term deposits along with PPF/LIC/NSC/ULIP etc. up to a maximum of Rs.1,50,000 (Rs.1 lakh for A.Y.2014-15) is also eligible for deduction under section 80C. The maturity period for bank term deposit schemes is 5 years.
Post Office Time Deposit Schemes: You can also opt for post office time deposit to get deduction under section 80C up to Rs.1,50,000. You must note that the deduction is available only to the first holder.
Mutual Fund Schemes: Some of the schemes of mutual funds are eligible for deduction u/s 80C along with other investments give above. The income from mutual funds is also fully exempted u/s 10 (35).
Senior Citizens Saving Scheme, 2004: You can also get benefit of Senior Citizens Saving Scheme to get deduction u/s 80C of Rs.1,50,000 [Rs.1,00,000 for A.Y.2014-15].  No TDS deduction is required if you provide form 15H/15G (as the case may be).
NABARAD Rural Bonds: The deduction is also available under section 80C for subscription to notified bonds issued by National Bank for Agriculture and Rural Development.
ULIP: The deduction is also eligibile for the amount deposit in the name of himself, his/her wife/husband or his child, and an HUF in the name of its members to any Unit Linked Insurance Plan of UTI.

Tuition Fees: You can claim the deduction of paying the tuition fee of your two children. Here, you should note that tuition fees eligible paid to any university, college, school or other educational institution situated in India. However, any development fees or donation or payment of similar nature shall not be eligible for deduction.