Income tax exemptions: Taxpayers, here is all you would ever want to know about where to invest

rom income tax returns to income tax exemptions from investments are on every Indian taxpayer's mind as the March 31 deadline nears. So, to keep the Income Tax Department happy everyone must register their investments for claiming maximum tax exemption for the financial year 2015-16 or end up paying the taxman that much extra from your hard earned money - just over 10 days left. Every tax assessee plans his/her investments and spreads it out across various instruments specified under section 80C of the Income Tax Act, 1961 (80C investments) to avail maximum tax benefit. The overall total limit for deduction under this section is Rs 1.5 Lakhs. This amount can be claimed irrespective of the assesse is an employee or self-employed. Section 80C allows certain investments to be tax-exempt. It also allows tax exemption on incurring certain expenditure like principal amount of home loan, education fee for children. Deduction u/s 80C is available only to Individual or a Hindu Undivided Family (HUF). If you haven’t yet made the investment for tax-saving purposes and are wondering where to invest your savings, there are a lot of options under the Income Tax Act. Below are some of the key investments/expenditure which qualify for the deduction under section 80C which you can choose from before March 31:

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