It is the last week of March month and at the front of investments’ planning, it can pose some challenges before you. Here, these are the top four last-minute income tax saving tips. Have a look…
1. Analysis of the situation
Ask these questions to yourself. Have you correctly calculated your payable tax? Have you taken advantage of all the deductions under Section 80C? Have you invested in National Pension System? Are you covered under any health and life insurance scheme? Do you have your House Rent Allowance, Leave Travel Allowance and other tax-related document proofs in place?
2. Seek financial advice
After calculating your tax payable for the current financial year, don't just rush to invest. First, consult a Financial Advisor to align your tax planning goals with your other medium and long term goals. Your tax planning investment can become your high return investment.
3. Start a Systematic Investment Plan
Mutual funds can give returns you over and above inflation. Start a goal-based Systematic Investment Plan of the amount your objectives deserve. You can alter your SIP amount later without any penalty. After you are done with the current financial year tax saving, continue with your SIP.
4. Start a National Pension System
With NPS investment, you can claim an additional tax benefit. So, start investing in NPS.