For many salaried tax-payers, December 31 is not just the much-awaited New Year's eve. It has another significance: it's also the deadline set for them by many companies to submit their investment declaration for the financial year to help them save tax. This year, tax-payers should be careful due to the possible implementation of the Direct Tax Code from April 2012.

After all, its applicability is not restricted to investments made only after April 1 next year, unless the government issues a clarification to the contrary. Remember, however, that the code is yet to take the shape of a formal legislation. It may see see changes before it becomes a law.

Nevertheless, it wouldn't hurt to factor in the possible impact DTC may have on tax-saving investments done in this financial year. Here's a guide to DTC's impact on some popular tax-saving avenues: