You have to submit “Income Tax Declaration” to your employer, at the time of joining the Company or the beginning of financial year. This is nothing but provisional statement, where you give details of your proposed investments and expenses which are tax deductible. Depending on your proposed investments and expenses, your employer deducts TDS from your salary each month and deposits with tax department.
Public Provident Fund, popularly known as PPF, is a savings cum tax saving instrument. PPF is a long-term, government-backed small savings scheme of the Central Government, started with the aim of providing old age income security to the workers in the unorganized sector and self-employed individuals. Any individual (salaried or non-salaried) can open a PPF account.