Section 80 C - it promotes for employers contribution towards provident fund as also many other investment tax saving methods including house loan principal etc etc Here however , a employee gets a salary of 10 lacs , of which employer contributes every month 5000 Rs in the employee provident fund Thus this amount gets adjusted from gross income and the taxable income gets reduced ( tax benefit ) After all what is tax planning ...in short knowing all such sections which help to benefit by terms of deducting those permissible investments under chapter VI A Here we see a sample live illustration of Section 80 C Hope this helps ...please note that is employer contribution towards provident fund and not employee contribution , Please note that sum total of investment in sectyion 80 C must not exceed 1 lac rupees , Hope this helps , Humble regards , Amlan Dutta
Posted on: Mon, 10 Mar 2014 14:14:08 +0000
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