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It's best to start your tax planning in the beginning of the year to help you systematically grow your savings coupled with the added benefit of tax saving realised at the end of the financial year.
The most popular tax saving schemes fall under Section 80C of the Income Tax Act. Under this section, this year too a deduction of up to Rs 100,000 is allowed from taxable income in respect of investments made in some specified schemes.
This may change to Rs 300,000 from April 1, 2011, once the new Direct Taxes Code kicks in to place.
Meanwhile, let's focus on this year and see how you can make the best of Section 80C.
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