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Sunday, 29 January 2012

How to save Income Tax?

Section 80C of Income Tax Act 1961 allows every Income Tax payer up to a maximum of Rs.1,00,000 Tax Free Income in a year.If they invest in or buy the following instruments.

1.Premium for Life Insurance(or) ULIP

2.Provident Fund(PF) contribution

3.Public Provident Fund(PPF)

4.Repayment of home loan principal

5.Equity Linked Savings Scheme(ELSS) of Mutual Fund 

6.Infrastructure Bonds

7. National Savings Certificates(NSC)

8. Tax Saving Fixed Deposits with Banks.

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