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How Section 80C helps you save tax

April 17, 2009

The financial year of 2008-09 has just closed and all of us have gone through the regime of filing taxes - something we all loathe to do.

Come March and we all make one last desperate attempt to find avenues for investments that will help us save some tax.

Frankly speaking, saving tax is not all that difficult. A systematic investment plan, may not make your income 'zero tax', but will definitely help you lighten your tax liability.

While there are several provisions, the most common option is the tax deduction instruments under Section 80C of the Income Tax Act.

And, the most popular among these contributions/investments are the Employee Provident Fund (EPF) and the Public Provident Fund (PPF).

Besides, there are some more investment instruments, which can be divided into tax saving investments and miscellaneous investments or more aptly put, payments that you inadvertently have to make, which provide you with tax benefits.

So what are the investments that fall under Section 80C? Click to find out all about the very helpful Section 80C

Text: BankBazaar.com

Image: Tax payers queue up to file their income tax returns in Mumbai. | Photograph: Reuters

Also read: Signs of our worst financial crisis!

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